A swap execution facility is a US platform on which multiple participants can electronically trade swaps. Sefs were created under the Dodd-Frank Act and the first Sefs began operating in 2013. Only swaps that are subject to the US clearing mandate are eligible for an accompanying Sef mandate – they must also have been determined to be “made available to trade”. The platforms are regulated by either the Commodity Futures Trading Commission or – in limited cases – the Securities and Exchange Commission and are subject to data standards and core principles set by those bodies.
SWAP EXECUTION FACILITY (SEF)
