According to reports from inside Europe, the concept and reality of an Organised Trading Facility (OTF) will become a reality under MiFID 2 in the medium term future. The implication is that OTC products will have an electronic equivalent to the US SEF, whether trading will be mandated, and to what extent is unclear as yet. What will also be interesting is to analyse whether the operator of a SEF under Dodd Frank will need to make any changes to also become compliant with the (to be announced) OTF rules in Europe. And of course yet more workflow integration between OTFs and CCPs, and the erosion of the traditional confirmation flow via MarkitSERV perhaps. UPDATE 1-EU states in deal on market rules-EU official | Reuters.