Open deck

摘要

To its detractors, the over-the-counter (otc) derivatives market is like a rigged poker game. They picture a smoke-filled room, in which unsuspecting clients are mastered by skilful opponents at investment banks known, perhaps appropriately, as dealers. Now regulators are trying to move more of the game into the open, by shifting otc derivatives trades onto exchanges or electronic platforms by the end of this year, a target agreed on by G20 leaders in 2009. That deadline is unlikely to be met but some jurisdictions are further ahead than others. America's Dodd-Frank act requires most otc derivatives to be traded on a so-called Swap Execution Facility (sef), which is denned as "a trading system or platform in which multiple participants have the ability to execute or trade swaps". Recent drafts of the European Union's Mi-fid 2 legislation would see liquid Otc derivatives move onto a similar platform dubbed-abbreviation-haters, beware-an Organised trading Facility (otf).