SEF Establishment Forces Big Decisions for Sell-Side Firms
With low volumes and seemingly endless wrangling over footnotes, the birth of SEFs has been a difficult one. Just over six months after the first made available to trade (MAT) determinations became obligatory on February 17, however, the market is beginning to bed in. The buy side is yet to fully engage, citing complexity, cost and rule-book concerns at the SEFs, not to mention market fragmentation, leaving sell-side firms to bridge the divide between the two.
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