SWP points out the worst of Dodd Frank (in his opinion), the Made Available to Trade rule (MAT). Have a read of his post, then think about some scenarios this could cause:

• First SEF to launch covers a wide range of products – suddenly  other SEFs are forced to support the same set of products
• A group of SEFs meet privately and agree to limit the scope of products Made Available to Trade, so as to keep costs and complexity down
• Chaos ensues where every SEF is in a free-for-all to launch products in their specialised markets – but due to MAT, they have to also include any product from any other SEF, causing an endless cycle of upgrades
• Software vendors & the SEF users in a nightmare upgrade scenario, adding product support on a daily basis

Surely allowing SEFs to specialise and launch products adhoc without causing every other SEF to support the same products is a common sense approach, which we can see now. What's the view from the Front Office? Anyone know? Streetwise Professor » I Was Wrong. But Not as Wrong as What I Was Wrong About..