May 26, 2016
CFTC Grants Registration to 3 Swap Execution Facilities
Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued Orders of Registration to three Swap Execution Facilities (SEFs), granting them fully registered status with the CFTC.
The SEFs approved for registration are: GTX SEF, LLC (GTX) of Bedminster, N.J., TeraExchange, LLC (Tera) of Summit, N.J., and FTSEF LLC (FTSEF) of Great Neck, N.Y. Each had previously operated under temporary registration status.
SEFs are trading facilities that operate under the CFTC’s regulatory oversight for trading and processing swaps. SEFs were authorized to be 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.
GTX is a Delaware limited liability company and an indirect wholly-owned subsidiary of Gain Capital Holdings, Inc., a publicly-traded company. FTSEF is a New York limited liability company and a wholly-owned subsidiary of FlexTrade Systems Inc., a privately held New York corporation. Tera is a Delaware limited liability company and a wholly-owned subsidiary of Tera Group, Inc.
Upon review of their applications, the CFTC determined that GTX, Tera, and FTSEF have separately demonstrated compliance with the Commodity Exchange Act (CEA) and the CFTC’s regulations applicable to SEFs. The terms and conditions applicable to each Order include, among others, that each entity shall comply with all provisions of the CEA and all requirements in the CFTC’s regulations, as may be amended or adopted from time to time, that are applicable to SEFs. Each entity shall also comply with all representations and submissions made by it in support of its application for registration as a SEF.
The CFTC issued the Orders pursuant to Section 5h of the CEA and CFTC Regulation 37.3(b). Registered SEFs must comply with the core principles in Section 5h of the CEA and any CFTC regulations applicable to them.
Including the Orders issued today, there are currently 21 SEFs fully registered with the CFTC.
[To see the Registration Orders, go to Related Links on the right of this page. From the Swap Execution Facilities link, go to Associated Documents for the SEFs listed.]
Last Updated: May 26, 2016