WMBAA outlines core principles for swap execution facilitiesThe Wholesale Market Brokers’ Association of the Americas yesterday released a document entitled Core principles for swap execution facilities, which it has already submitted to the Commodity Futures Trading Commission and the Securities and Exchange Commission.Under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, swap execution facilities, or SEFs, are a new form of regulated market for trading and processing swaps.The draft establishes core principles that reflect the statutory definition and requirements of swap execution facilities as they were laid out in the Act. It also looks at core principles which allow SEFs to only allow trading in swaps which the CFTC has...