SEFs Go Live, CFTC Issues Limited No-action Relief from Some SEF Rules | Practical Law
Controversial rules for swap execution facilities (SEFs), electronic derivatives trading platforms authorized under the Dodd-Frank Act, became effective on October 2, 2013 despite numerous requests to delay implementation. SEFs could permanently change the landscape of the derivatives markets, but market participants claim they are not ready for the SEF era. The CFTC did issue a number of no-action letters addressing certain operational and logistical concerns relating to the SEF rules.