The Wholesale Market Brokers Association of American (WMBA) submitted to the CFTC guidelines as they saw them for what are to become Swap Execution Facilities (SEF). The full submission can be read here. Although this provides some clarity as to what the industry wants, this is only one voice and only the beginning.
The Dodd-Frank law requires all swaps that are standardized enough for central clearing to be traded on a designated contract market, registered securities exchange or what is known as a swap-execution facility. That would include, at a minimum, index credit-default swaps, plain-vanilla interest-rate swaps, and some currency swaps, according to Kevin McPartland, senior analyst at TABB Group Inc.