TeraExchange files SEF application

Source: TeraExchange

TeraExchange filed its application to become a Swap Execution Facility (SEF) with the Commodity Futures Trading Commission (CFTC) on Friday July 26th, 2013.

TeraExchange will empower market participants to trade across various financial instruments including Interest Rate Swaps, CDS Indices, CDS Options and Single Name, NDFs and other cleared OTC products.

TeraExchange CEO Christian Martin said, "We are committed to being a leading SEF by delivering the most transparent and innovative marketplace available. We are providing customers across the entire marketplace a robust solution that has been tailored to meet the new regulatory requirements as well as the myriad needs of traders. We are very pleased to be included among the first to file for designation as a Swap Execution Facility with the CFTC and we welcome their oversight in this dynamically changing landscape."

CFTC rules that have emerged from Dodd-Frank are designed to insert transparency, safety and oversight into the OTC derivatives market. It is expected that by the fall of this year, all U.S. financial institutions will be required to be clearing their swap trades and thereafter transacting swap trades on a SEF to maintain compliance. 

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