NEX Group’s Swap Execution Facility Has Gone Live

NEX SEF has been authorized to offer its services by the CTFC and FCA to clients in the United States

NEX Group Plc (NEX), a financial technology provider, made an official announcement that NEX SEF has gone live as of July 3, 2017. NEX SEF is a swap execution facility that received the green light by regulatory authorities to operate in the United States and Europe.

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NEX SEF received the aforementioned authorization from both the Commodity Futures Trading Commission (CFTC) and the Financial Conduct Authority (FCA). NEX SEF was authorized to offer financial services to American clients by the first regulatory body back in April this year. The British regulatory authority has also opened the gates, letting NEX SEF into Europe. NEX SEF has further received the approval of Ontario Securities Commission (OSC), allowing it to approach clientele in Ontario, Canada.

NEX SEF will serve as a Multi-Lateral Trading Facility (MTF), and will operate according to the MiFID legislation. Once MiFID II comes into effect January 3, 2017, the NEX SEF will act according to the implemented changes. NEX SEF will begin by offering clients Non-Deliverable Forwards (NDFs) on NEX Markets’ EBS Market platform, and will add more assets and services at a later stage.

Seth Johnson, CEO of NEX Markets, commented that NEX SEF will play a considerable part in the trading experience that the NEX trading environments are offering to traders. “We are pleased to bring NDF trading to NEX SEF and will continue to evolve the platform alongside our customers,” Johnson said.

Earlier this week, NEX Optimization implemented a new over-the-counter (OTC) forex settlement service, designed to enhance facilitation and streamline bilateral settlement netting processes.

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