Swap Execution Facilities - A Comparison of CFTC and SEC Rule Proposals

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Proposed SEF rules for required transactions (clearable, non-block)
CFTC SEC
Must Provide: Ability to post both indicative AND firm quotes Allow participants the ability to make and display executable bids/offers accessible to all other participants
Ability to hit a bid or lift an offer
May Provide: RFQ RFQ to any number of participants
RFQ participants must request quotes from at least five other market participants Participants may send RFQ to as few as one
Other electronic execution methods
May not be: Bilateral voice trades Bilateral voice trades
Single-dealer platforms Single-dealer platforms
Services that solely provide processing of swaps Services that solely provide processing of swaps

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