Yesterday, the CFTC met to vote on final rules for swap execution facilities (SEFs). The Commission’s five members voted in a public meeting on new platforms for swaps that will bring bilateral trading to an end, and transfer trades to centralized, transparent marketplaces. A lot of criticism on these decisions is already loudly expressed from some of the commissioners themselves, stated at the vote in their prepared statements and also SIFMA that released a statement arguing that the new rules 'will negatively impact investors and hinder the ability of American businesses to manage risk.' You can find more details in the links below:

• http://tabbforum.com/opinions/sifma-strongly-disagrees-with-cftc's-final-sef-rules
• http://dealbook.nytimes.com/2013/05/16/regulators-overhaul-derivatives-market-but-with-a-caveat
• http://www.derivalert.org/blog/bid/91240/CFTC-Votes-SEF-Rules-Forward (also has links to Q&As and fact sheets)
• http://www.ft.com/intl/cms/s/0/ed765164-bda8-11e2-890a-00144feab7de.html#axzz2TXq8VsI5

Maria L.