Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that the U.S. Commodity Futures Trading Commission (CFTC) has temporarily approved its swap execution facility (SEF) application.
The application was made on 09 September, 2013. As an approved SEF, Thomson Reuters will support U.S. regulated trading of foreign exchange (FX) non-deliverable forwards (NDFs) and options. Trading on the Thomson Reuters SEF is scheduled to begin on 02 October, 2013.
Thomson Reuters and FXall customers that have completed the on-boarding process will have access to Thomson Reuters SEF trading capabilities. Thomson Reuters and FXall began the on-boarding process to the Thomson Reuters SEF with clients and liquidity providers in July.
"The implementation of our SEF is an important milestone for Thomson Reuters and our customers as we work with them as their strategic execution partner to meet their workflow and execution requirements," said Phil Weisberg, global head of FX, Thomson Reuters. "Going forward, as new regulations continue to come into effect around the globe, Thomson Reuters and FXall clients can rest assured that they will be able to continue executing their necessary FX trades in a manner consistent with current workflows and in compliance with all regulatory requirements."
The addition of the Thomson Reuters SEF will provide customers a consistent workflow for trading regulated and unregulated FX products. Customers will be able to trade SEF-regulated swaps, FX NDFs and options, electronically through the same system they use for FX spot, forwards and swaps, money markets and precious metals. Thomson Reuters SEF is connecting to other participants in the regulated trading process including clearing organizations, swap data repositories and clearing brokers to meet SEF reporting and clearing obligations.