Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading

By Kevin McPartland


Forgive me if I’m stating the obvious for some of you, but I’ve had this conversation more than once and felt some clarity was in order here. As we work through the made available to trade (MAT) process, it’s important to reemphasize what actually will be required on mandatory SEF trading day 1.

It all comes back to an oldie but goodie: “by any means of interstate commerce.” For some reason that legislative passage always makes me think of an 18-wheeler driving down I-95 over the New York/Connecticut line – but I digress.

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