tpSEF is headquartered in New Jersey and is a wholly owned subsidiary of Tullett Prebon. It has been established to ensure the Company's compliance with Dodd-Frank legislation, enacted on July 21, 2010.

Tullett Prebon's SEF is a multi-asset SEF which will offer SEF compliant execution services in the five asset classes covered under Dodd-Frank legislation. The SEF will utilize Tullett Prebon's established electronic broking platforms: tpSWAPDEAL and tpMATCH for rates; tpCREDITDEAL for credit indices; tpFORWARD DEAL, tpMATCH NDF and tpMATCH FXO for FX; tpEQUITYTRADE for equity derivatives; and tpENERGYTRADE for commodities.

Shawn Bernardo is Chief Executive Officer of tpSEF and Chairman of the Wholesale Markets Brokers' Association Americas (WMBAA). The SEF Board also consists of Public Directors, David Clark, John Spencer and James Quaille, and Directors, John Abularrage and Christian Pezeu.

John Abularrage, Chief Executive Officer and President the Americas at Tullett Prebon, said:
"The approval of Tullett Prebon's SEF enables both our customers and Tullett Prebon to meet the demands of the new legislation. Through tpSEF, our clients will have access to Tullett Prebon's global market leading and now SEF compliant platforms, providing liquidity across the range of asset classes required by the Dodd-Frank Act."

Shawn Bernardo, Chief Executive Officer of Tullett Prebon's SEF, said:
"Tullett Prebon has worked diligently over the last three years, preparing and investing in our trading technology and infrastructure, to ensure the Company would meet the requirements of the Dodd-Frank legislation. We are now able to provide our clients with SEF compliant platforms and services within the new regulatory framework under Dodd-Frank, and we will continue to work with our customers and the CFTC to ensure that market participants successfully manage the transition to Tullett Prebon's SEF effectively."