The brave new world of SEFs: How broker-dealers can protect their franchises (McKinsey & Company)

June 2014

KEYWORDS: SEF, swap execution facility, regulatory compliance, Dodd-Frank Act, CDS, interest rate swaps, credit default swaps, derivative


McKinsey & Company

  • McKinsey & Company


Swap execution facilities, or SEFs, newly-created platforms mandated by U.S. regulators for trading selected interest-rate and credit-default swaps, could result in major structural declines in broker-dealers’ flow derivative revenues and profits.

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