CFTC making exceptions, at least temporarily, for foreign regulated entities seeking SEF status. One of the kinks in the CFTC's implementation of the Dodd Frank Act's requirement for SEF licensing is that the SEF rules (e.g. regarding disclosure, open order book...) contravene the rules of other jurisdictions. To help iron out these 'kinks', the CFTC…
Read moreICAP looks to regain its leading position in forex liquidity providing. Interdealer broker ICAP has announced that Laurent Paulhac will join the company as managing director and will be in charge of its US based ICAP SEF LLC. He is joining the firm from the CME Group where he was managing the over-the-counter (OTC) products and…
Read moreUS Government shutdown meant that SEF applications remained on hold. The CFTC has announced that they will exempt Gain Capital's institutional arm GTX, as well as Mexican peso interest rate swap firm LatAm, from SEF registration for one month, until November 19 (unless, of course, each SEF's license is granted before then). The exemptions are…
Read moreCFTC gives Yieldbroker until November 1 to finalize its SEF application. While US financial regulators promised that they were going to be completely rigid and strict with the planned implementation of Dodd-Frank Act requirements such as that of SEFs, the exceptions keep coming. First, we learned that the CFTC is delaying enforcement of many of…
Read moreHowever the CFTC denies the six month full implementation delay requested by the securities industry. Despite warnings by many securities industry firms that they and their clients are not fully ready to move swaps from over-the-counter platforms to SEFs, the CFTC apparently will not delay the October 2 deadline (i.e. this Wednesday) for SEF implementation.…
Read moreMulti-bank multi-asset platform provider 360T looks to expand its institutional business in the US. The CFTC has granted its most recent SEF license to Frankfurt-based trading platform company 360 Trading Networks (known better in the industry as 360T). This is a little different than most of the other SEF application approvals made so far --…
Read moreWhat is an SEF exactly? The CFTC has granted two more (temporary) SEF licenses, this time to trueEX and ICE IntercontinentalExchange. trueEX is an interbank exchange for interest rate swaps. And ICE is, of course, the large publicly traded (NYSE:ICE) US commodities exchange, which operates regulated exchanges and clearing houses for energy, agricultural, credit, currency, emissions,…
Read moreCME Group will initially focus on commodity products, and will look to develop additional markets over time. CME Group, which runs the world's largest derivatives marketplace, announced today that it had (finally) filed an application to be registered as a Swap Execution Facility (SEF) with the CFTC. CME Group plans for its SEF to be…
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