Shadow Exchanges: The B2B Architecture of Swap Execution Facilities

The 2008 financial crisis was notoriously triggered by massive, unregulated over-the-counter derivatives traded in the dark between global banks. In the catastrophic aftermath, regulators demanded absolute transparency, forcing the creation of an entirely new, highly obscure financial infrastructure: Swap Execution Facilities (SEFs). SEFs are heavily regulated, digital B2B trading platforms excl...