BGC Partners Gains Approval as a Swap Execution Facility from the CFTC
by
Adil Siddiqui
BGC Partners has been granted approval to operate as a Swap Execution Facility as per new rulings regarding OTC swaps, under the Dodd Frank Act swaps are to be traded and cleared on an exchange.
The US financial watchdog, Commodity Futures Trading Commission (CFTC), announced that BGC Partners has been approved to operate as a Swap Execution Facility (SEF). BGC Partner's subsidiary, BGC Derivative Markets, L.P, received temporary registration by the CFTC to trade from the second of October.
SEFs are new trading entities that clear OTC products, such as OTC interest rate and credit swaps, in addition, the Dodd- Frank Act deemed NDFs as a financial instrument requiring mandatory clearing.
BGC, a leading financial services provider, has developed a sophisticated technology infrastructure to service participants. This includes, fully-compliant execution methodologies, such as anonymous Central Limit Order Book (CLOB), name disclosed Request for Quote (RFQ) system, intra-day electronic auctions, indications of interest, and voice managed orders for blocks and non-blocks.
In addition, market participants will be able to utilize BGC's platform to segregate US person/non-US person transactions, on both a graphical user interface (GUI), and application programming interface (API) via instrument choice and contra-counterparty filtering.
"Receiving CFTC approval to operate a SEF, marks the next chapter for our company and our clients, and is a positive step forward for the marketplace," said Shaun D. Lynn, President of BGC, in a statement.
"BGC has utilized the strength of its leading proprietary technology, and is fully prepared for a new era of derivatives transactions. We are excited to offer clients deeper access to Liquidity , as well as increased transparency in the clearing and execution of derivatives trading."
The US financial watchdog, Commodity Futures Trading Commission (CFTC), announced that BGC Partners has been approved to operate as a Swap Execution Facility (SEF). BGC Partner's subsidiary, BGC Derivative Markets, L.P, received temporary registration by the CFTC to trade from the second of October.
SEFs are new trading entities that clear OTC products, such as OTC interest rate and credit swaps, in addition, the Dodd- Frank Act deemed NDFs as a financial instrument requiring mandatory clearing.
BGC, a leading financial services provider, has developed a sophisticated technology infrastructure to service participants. This includes, fully-compliant execution methodologies, such as anonymous Central Limit Order Book (CLOB), name disclosed Request for Quote (RFQ) system, intra-day electronic auctions, indications of interest, and voice managed orders for blocks and non-blocks.
In addition, market participants will be able to utilize BGC's platform to segregate US person/non-US person transactions, on both a graphical user interface (GUI), and application programming interface (API) via instrument choice and contra-counterparty filtering.
"Receiving CFTC approval to operate a SEF, marks the next chapter for our company and our clients, and is a positive step forward for the marketplace," said Shaun D. Lynn, President of BGC, in a statement.
"BGC has utilized the strength of its leading proprietary technology, and is fully prepared for a new era of derivatives transactions. We are excited to offer clients deeper access to Liquidity , as well as increased transparency in the clearing and execution of derivatives trading."
RBC Capital Markets Slapped with $375,000 Fine for Alleged Trade Confirmation Blunders
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Don't miss out on this 5-second invite packed with energy and urgency!
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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