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A-Team Insight Blogs

CFTC Commissioner O’Malia to Host SEF Showcase: Current Technology and Market Direction

Commissioner Scott D O’Malia of the Commodity Futures Trading Commission (CFTC) will host an open public meeting at 9:30 am on Thursday, 31 March 2011, to explore the attributes necessary to make swap execution facilities (SEFs) successful.

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, amended the Commodity Exchange Act (CEA) which added a definition for SEFs. The SEF definition created a venue for eligible contract participants to execute swaps on regulated platforms.

Market participants representing buy-side and sell-side interests including pension funds, asset management funds, end-users, and dealers have been invited to engage in a free-flowing dialogue regarding the attributes of a successful SEF. Thereafter, sixteen electronic execution facilities representing designated contract markets (DCMs), exempt commercial markets (ECMs), exempt boards of trade (EBOTs), and other types of electronic trade and execution facilities will demonstrate the current functionality they offer market participants in the swaps markets.

“My goal is to facilitate a smooth transition from over the counter swap market execution to regulated swap market execution. To do this, we must understand that there is no one size fits all SEF and that many different methods and modes of swap execution exist. I want market participants to have enough price transparency to make an informed investment decision and the flexibility they need to execute various types of swap transactions. I am holding this public meeting to encourage open discussion and to learn how current technologies will direct the execution of swaps in a regulated environment,” stated Commissioner O’Malia.

This meeting is not part of the Technology Advisory Committee and it will not be webcast. However, there will be a dial-in number which is set forth below and a portion of this meeting will be podcast.

The CFTC will host the meeting at its Headquarters’ Conference Room. Members of the public interested in participating can visit the CFTC website for more information, www.cftc.gov.

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