On February 16th, Reuters reported that National Futures Association President Daniel Roth believes that the opening of swap execution facilities (SEFs) may need to be done over time. Many SEFs will be unable to meet the CFTC's October 15th, 2011 deadline for complying with the agency's proposed requirement that they have certain self-regulatory functions in place. See 76 FR 1214 at 1224. Before the NFA can create self-regulatory policies and procedures as a third-party provider of self-regulatory oversight, it needs additional guidance from the CFTC and the time to develop appropriate systems. Delay.