September 19, 2013
CFTC Issues Notices of Temporary Registration as a Swap Execution Facility to Javelin SEF, LLC and BGC Derivative Markets, L.P.
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) has approved the applications of Javelin SEF, LLC (Javelin) and BGC Derivative Markets, L.P. (BGC) for temporary registration as swap execution facilities (SEFs) pursuant to section 5h of the Commodity Exchange Act (CEA) and section 37.3(c) of the CFTC’s regulations. Javelin is a Delaware limited liability company and is a wholly-owned subsidiary of Javelin Capital Markets, LLC., a Delaware limited liability company. BGC is a Delaware limited partnership and is an indirectly wholly owned subsidiary of BGC Partners, Inc., a publicly held Delaware corporation.
A SEF is a category of CFTC registered entities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to provide greater pre-trade and post-trade transparency to the swaps market. Javelin and BGC will be required, as will all future temporarily and fully registered SEFs, to demonstrate continued compliance with all applicable provisions of the CEA and CFTC regulations, including part 37, and any future regulations, amendments, guidance, and interpretations issued by the CFTC. As a next step, the CFTC will undertake a substantive review of Javelin and BGC’s applications for full registration.
Last Updated: September 19, 2013