So whilst the last blog concluded that liquidity was much greater onsef than offsef, we also have the opportunity to assess liquidity on a. Authorized trader any natural person who authorized by i a participant which may also be the participant, if such participant is a natural person or ii an authorized broker with direct access to the sef platform, to place orders on the sef platform. View gregory dumarks profile on linkedin, the worlds largest professional community. Attached, please find a certification that, concurrent with this submission, bsef posted. The first set of sef trading mandates take effect on february 17, 2014. Market regulation staffmeans the personnel designated by nex sef as members of the market. Clarus sefview has daily volume data published by each sef, which is filtered, normalised and aggregated to allow meaningful comparison of market share statistics. Terminal products and regulated businesses including bloomberg sef swap execution facility, bloomberg stp trading matching service, bloomberg sdr swap data.
Bloomberg, marketaxess, and tradeweb are limiting how buyside firms use new swap execution facilities sefs in an attempt to preserve the existing dealertoclient market structure a breach of doddfrank act rules according to gary gensler, chairman of the commodity futures trading commission cftc. Regulation staff, any agents of nex sef that assist in the implementation, surveillance, and enforcement of its rules and related obligations, and nex sefs regulatory services provider. Bloomberg, tradeweb and trueex, in part driven by portfolio maintenance compression and roll activity, with tradeweb now established as the largest. As our brand migration will be gradual, you will see traces of our.
Failure to provide uptodate and accurate participant information may result in rule enforcement. The business principal activity is in other financial service activities, except insurance and pension funding activities n. A sef is an electronic trading platform designed to facilitate automated swap execution amongst large derivative counterparties for standardized swap contracts, intended to increase market transparency and efficiency. The notice informs participants of enhanced technical upgrades and procedures under rule 301e of bloomberg sef s rulebook for providing information regarding a participants trading status, clearing status and reporting status. In this article i look at 2017 swap execution facility market share for credit, foreign exchange and interest rate derivative asset classes, in a similar format to my 2016 sef market share statistics.
Bloomberg, marketaxess, tradeweb not complying with sef. Bloomberg is pleased the commodity futures trading commission cftc has come to agreement on the final swap execution facility sef rules. The contracts terms and conditions are attached as attachment a. See the complete profile on linkedin and discover gregorys. Gregory dumark americas head of compliance bloomberg. For dealertodealer sefs, tp icap is the leader with gains in the third quarter, while igdl and. China rewrites rulebook on capital flows after crisis lessons. Javelin sef, llc changed its name to bats hotspot sef, llc on december 23, 2016.
Bats hotspot sef, llc changed its name to cboe sef, llc effective october 31, 2017. Tullett prebon electronic and voice interdealer broker. Alternatively, copies of the 360t sef rulebook are freely available via the cftc website. As of that date, icap sef us llc has ceased executing trades as a sef. Swapex was granted temporary registration as a swap execution facility sef on september, 20 and full registration on january 22, 2016. Bloomberg sef llc was incorporated on 23 june 2014 monday as a foreign company registered in singapore in singapore. Success in the changing derivatives marketplace means having the right tools to access liquidity, manage risk and execute your trading strategies. If competition events or games not found in the iuf rulebook are planned, written rules must be provided.
October 19, 2011, chicago and new york national futures association nfa and. Business day means a day on which the marketaxess sef is open for trading. Tullett prebon recently launched a swap execution facility. The single rulebook aims to provide a single set of harmonised prudential rules which institutions throughout the eu must respect. Bloomberg has jumped to an early lead in the sef sweepstakes, capturing an 85% market share across all asset classes for dealer to client swap. Bloomberg sef is registered with the commodity futures trading commission cftc to operate a multiasset swap execution facility sef. Corporate information founded in new york in 1987, gfi provides competitive wholesale market brokerage services in a multitude of global overthecounter otc and exchange listed cash and derivatives markets. Overview gfi is a global leader in providing electronic markets for fx, credit, interest rate, and energy and commodity instruments creditmatch gfis creditmatch enables users to access realtime and historical market information, choose from a wide range of trading strategies and execute orders and trades directly or with broker assistance. Rights and responsibilities after suspension or termination 31 chapter 4. A swap execution facility sef sometimes swaps execution facility is a platform for financial swap trading that provides pretrade information i. Tp icap currently operates two multiasset sefs registered with the commodity futures trading commission icap global derivatives limited igdl and tpsef, inc. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the bloomberg sef rulebook. Instrument open price close price high price low price settlement price total volume block trade volume currency total volume usd block trade volume usd. The convention used throughout is to provide the reference number only, in square brackets.
We fully support the central goals of doddfrank to. Epc01606 sepa core direct debit scheme rulebook 2017 version 1. The term single rulebook was coined in 2009 by the european council in order to refer to the aim of a unified regulatory framework for the eu financial sector that would complete the single market in financial services. Trumps currency rulebook gives his own jawboning a pass. This paper provides a granular analysis of sef trading mechanisms and the associated behavior of market participants after the implementation of doddfrank.
Epc12505 sepa credit transfer scheme rulebook 2017 version 1. Bloomberg sef llc new contract submission 2017 p11 july 25, 2017 1. Trades in cleared swaps will be submitted to the relevant clearing house. With offices in 24 countries, tullett prebon operates voice, hybrid, electronic, volume matching, algorithmic matching and risk mitigation platforms, to accommodate its clients requirements and to satisfy the regulatory driven evolution of the marketplace. We know that traders need the flexibility of a broad range of protocols to efficiently get their business done, thats why we offer two regulated sefs our fully disclosed, rfq platform, tradeweb sef and our anonymous clob platform, dealerweb sef. Ledgerx plans to selfclear trades and filed for a dco license with the cftc on january 25, 2017. Effective october 30, 2017, the business of icap sef us llc was transitioned to tpsef. The sef must have a rule in its rulebook that requires a sef confirmation to state, where applicable, that it incorporates by reference the terms of the underlying previouslynegotiated freestanding agreements between the counterparties. Bloomberg sef will send a confirmation to both participants when the trade is executed and report the trade to an sdr as soon as technologically practicable. Compliance enquiries tullett prebons sef 101 hudson street jersey city, nj tel. Find out more about the technology we also have some working guidelines automatic compiling with travis ci.
We will be facilitating the execution of nondeliverable forwards ndfs in emerging market currencies and will be adding more products iteratively in the future. The business current operating status is live with registered address at one marina boulevard. Swap execution facility sef bloomberg professional. Weve set a bold course for the future both ours and yours and are introducing our new brand to the world.
Bylaws means the bylaws of marketaxess sef corporation, as amended from time to. Regulatory services agreement with the regulatory services provider. These rules, if not preexisting, should be published at the. Bloomberg sef llc t14fc0087b singapore business directory. Over more than 25 years, gfi has expanded both organically and through acquisitions into a broad range of markets, including fixed income derivatives, cash fixed income. The rulebook is written in latex and version controlled with git. The rulemakings, pursuant to the doddfrank wall street reform and consumer protection act the. Our mission is to deliver the most innovative solutions to our clients, while providing connections to multiple clearing houses and an open access business model. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the bsef rulebook. Swapex leverages the experience and accumulated, mature, awardwinning technology suite developed for and used throughout state streets other supported businesses including currenex, fx connect and govex. Rulebooks exchangespecific rules for cme, cbot, nymex, and comex cme, cbot, nymex, and comex are independent exchanges, each of which remains a separate, cftc registered designated contract market with selfregulatory responsibilities and maintains its own set of rules. New sef rules whats a sef, what is mat, and do i need to. Cftc adopts longawaited sef rule and other swaps trading rules.
Traditionsef named sef of the year at fow international awards. As part of the regulators approval, ledgerx will not list cleared swaps until it has a clearing agreement with a derivatives clearing organization in place and submits the necessary revisions to its rulebook to the cftc. Download dec 15, 2017 redline 360t rulebook pdf download aug 24, 2017 360t cftc reg 40. Nex sef wherever you stand in the markets weve got you. The us commodity futures trading commission cftc, on may 16, 20, took longawaited action to approve four separate rules and guidance.