17 SEFs now registered whilst enforcement of rules delayed of 1month


The CFTC continues to push through the remaining few SEFs ahead of the 2nd October deadline, the number of SEFs gaining temporary SEF Status has now risen to 17. With the only major application still pending, being that of the CME.

Whilst SEF registration deadline remains at 2nd October, the CFTC has agreed to delay the implementation of certain enforcement rules for participants until 1 November, following requests from a number of SEFs.

The letter states that the Division of Market Oversight (DMO):

“emphasizes that while this letter relieves SEFs from certain enforcement responsibilities with respect to participants in their markets, this letter does not relieve SEFs from their current regulatory responsibility to establish and maintain the rules, systems and procedures necessary to carry out those enforcement responsibilities full letter here

Here is the list of SEFs that have gained temporary registration:

No

SEF

Applied

Granted

Status

1

BGC

04-Sep-13

19-Sep-13

Temp

2

Bloomberg

04-Jun-13

30-Jul-13

Temp

3

Dealer Web

03-Jul-13

06-Sep-13

Temp

4

GFI

22-Jul-13

13-Sep-13

Temp

5

Ice Swap Trade

05-Aug-13

20-Sep-13

Temp

6

Javelin

02-Aug-13

19-Sep-13

Temp

7

MarketAxess

15-Jul-13

16-Sep-13

Temp

8

SwapEx

30-Jul-13

13-Sep-13

Temp

9

Tradeweb

03-Jul-13

06-Sep-13

Temp

10

TrueEX

15-Jul-13

20-Sep-13

Temp

11

TeraExchange

30-Jul-13

19-Sep-13

Temp

12

360T

28-Aug-13

23-Sep-13

Temp

13

Integral

31-Jul-13

24-Sep-13

Temp

14

ICAP

03-Sep-13

27-Sep-13

Temp

15

Thomson Reuters

09-Sep-13

27-Sep-13

Temp

16

Tradition SEF Inc

09-Sep-13

25-Sep-13

Temp

17

Tullet-Prebon (tpSEF)

23-Aug-13

25-Sep-13

Temp

18

CME

17-Sep-13

 

Pending

19

Latam SEF LLC

25-Sep-13

 

Pending

20

YieldBroker

27-Sep-13

 

Pending

Interestingly, the CFTC today issued a time limited (1 month) no action relief letter for Australian based Yieldbroker for ‘failing to register as a SEF’.

Yieldbroker is licensed as an exchange under an Australian Market License (AML) and is regulated by the Australian Securities and Investment Commission (ASIC). Yieldbroker operates a multilateral trading platform in Australia which brings together multiple third-party buying and selling interests in swaps. Yieldbroker currently permits direct access to U.S. persons to transact in swaps on its platform.

On September 27, 2013, Yieldbroker provided DMO with a confidential draft SEF application, which DMO is in the process of reviewing. Yieldbroker, DMO and ASIC staff are engaged in discussions regarding an arrangement whereby Yieldbroker would register with the Commission as a SEF while maintaining its AML. Such an arrangement would include Yieldbroker’s provision of an order book, a sufficient level of pre- and post-trade price transparency, non-discriminatory access by market participants, and an appropriate level of self-regulatory oversight. In addition, Commission staff and ASIC staff are developing an arrangement that provides for information sharing and other cooperation with respect to Yieldbroker.

The CFTC site has a section showing status of SEF filing applications.

3 Responses

  1. […] Under Dodd Frank, SEFs will prohibited banks from trading directly with clients on a bilateral basis in standardised swaps, and bank Single-Dealer Platforms will instead provide SEF aggregation and routing capabilities of client orders through to one of the now 17 registered SEFs. […]

  2. […] had started to go through each SEFs website link for market data and traded volumes to see what is being traded on each SEF, but as it’s […]

  3. […] 17 SEFs now registered whilst enforcement of rules delayed of 1month […]

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