Such derivatives would be traded on exchanges or alternative swap execution facilities, which would improve pre - and post-trade price transparency.

这些衍生产品将在交易所交易，或是使用另类互换交易设施进行交易，这将改善交易前和交易后的价格透明度。

youdao

Organized trading facilities in Europe, like Swap Execution Facilities (SEF) in the US, will bring over the counter derivatives (OTC) out blinking into the light.

FORBES: New Financial Regulations -- Profitable Opportunities, For Vendors