US-based TeraExchange, LLC, an execution venue offering a range of OTC derivatives, including interest rate swaps and non-deliverable forwards, has announced that Andrew V. Waskow has been appointed as the Chief Compliance Officer (CCO) and Senior Vice President. Mr. Waskow will manage compliance and regulatory affairs on a global basis.
The move comes after the firm recently acquired official temporary approval from the CFTC for its Swap Execution Facility. SEFs have gone live from the second of October, thus creating a new layer of transparency in OTC derivatives.
“We are committed to providing our market participants with a fair and well-governed platform where they can execute their trading and hedging strategies with confidence,” said Mr. Waskow in a statement to the media.
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As the firm’s CCO, Mr. Waskow will oversee governance and surveillance of trading on TeraExchange’s markets, manage the SEF’s rule and policy-writing processes, and design and implement enforcement programs. He will also actively engage with the regulatory community and coordinate strategy in connection with rule-making and supervisory efforts.
Mr. Waskow joined the TeraExchange team last year in autumn, and played a pivotal role in assisting the firm with its SEF application.
“Andy was instrumental in our successful SEF application process. We know he’ll be equally successful in overseeing compliance on our active markets,” said TeraExchange President and COO Leonard T. Nuara.
Mr. Waskow, an industry veteran, has a long-standing career in the world’s largest banking groups.He spent nine years at Goldman Sachs and three years at Merrill Lynch as an attorney providing strategic guidance on a wide range of trading and capital markets matters.