The phase-in of swap execution facilities may be delayed as the SEFs may not be able to meet the deadline for proving to the U.S. Commodity Futures Trading Commission they have the mechanisms in place to police themselves. Daniel Roth, president of the National Futures Association, said the Oct. 15 deadline “would be a difficult date to hit,” and thus could delay full implementation of the SEF trading requirement, which the CFTC said could also be met by hiring an outside firm.

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