CFTC adopts SEF rule, including RFQ3, voice broking
WASHINGTON May 16 (Reuters) - The Commodity Futures Trading Commission on Thursday adopted a final rule laying out core principles for new trading platforms known as Swap Execution Facilities, or SEFs.
The rules will allow negotiating of deals over the telephone between banks and their brokers.
The minimum amount of quotes a buy-side client needs to gather before entering a swap - the so-called Request For Quote (RFQ) system - will be set at three.
Only Commissioner Jill Sommers voted against the rule.
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