TeraExchange Files SEF Application for OTC Derivatives
by
Adil Siddiqui
US based TeraExchange has submitted its application with the United States regulatory authority to register itself as a Swap Execution Facility on the back of changes governing OTC derivatives instruments.
TeraExchange becomes the fifth trading venue to file its application to become a Swap Execution Facility (SEF) with the Commodity Futures Trading Commission (CFTC). The firm submitted its application to the regulator on Friday July 26th, 2013.
TeraExchange, an executing venue that offers anonymous central-limit order book for OTC derivatives instruments has submitted its application in anticipation of the new rules governing OTC products. The exchange offers traders a diverse range of instruments including; Interest Rate Swaps, CDS Indices, CDS Options and Single Name, NDFs and other cleared OTC products.
Under the new Dodd Frank rulings over the counter products are obliged to be traded on-exchange, in an attempt to remove counterparty risk and improve transparency. In addition, trading on an organised market place, the instruments will be centrally cleared and participants will adhere to record keeping procedures.
TeraExchange CEO, Christian Martin commented about the move, he said in a statement: "We are committed to being a leading SEF by delivering the most transparent and innovative marketplace available. We are providing customers across the entire marketplace a robust solution that has been tailored to meet the new regulatory requirements as well as the myriad needs of traders. We are very pleased to be included among the first to file for designation as a Swap Execution Facility with the CFTC and we welcome their oversight in this dynamically changing landscape."
TeraExchange offers a wide range of FX instruments including: Cleared Foreign Exchange Derivatives (CME), Non-Deliverable Forwards (NDFs): USD/Chinese Renminbi, USD/Brazilian Real, USD/Chilean Peso, USD/Russian Ruble, USD/Columbian Peso, USD/Peruvian Sol, USD/Korean Won, USD/Indian Rupee, USD/Malaysian Ringgit, USD/Indonesian Rupiah, USD/Taiwan Dollar and USD/Philippines Peso. In addition to cash settled forward (CSF) foreign exchange pairs.
Other firms are expected to apply for SEF status include FXall, FXCM and Gain Capital.
TeraExchange becomes the fifth trading venue to file its application to become a Swap Execution Facility (SEF) with the Commodity Futures Trading Commission (CFTC). The firm submitted its application to the regulator on Friday July 26th, 2013.
TeraExchange, an executing venue that offers anonymous central-limit order book for OTC derivatives instruments has submitted its application in anticipation of the new rules governing OTC products. The exchange offers traders a diverse range of instruments including; Interest Rate Swaps, CDS Indices, CDS Options and Single Name, NDFs and other cleared OTC products.
Under the new Dodd Frank rulings over the counter products are obliged to be traded on-exchange, in an attempt to remove counterparty risk and improve transparency. In addition, trading on an organised market place, the instruments will be centrally cleared and participants will adhere to record keeping procedures.
TeraExchange CEO, Christian Martin commented about the move, he said in a statement: "We are committed to being a leading SEF by delivering the most transparent and innovative marketplace available. We are providing customers across the entire marketplace a robust solution that has been tailored to meet the new regulatory requirements as well as the myriad needs of traders. We are very pleased to be included among the first to file for designation as a Swap Execution Facility with the CFTC and we welcome their oversight in this dynamically changing landscape."
TeraExchange offers a wide range of FX instruments including: Cleared Foreign Exchange Derivatives (CME), Non-Deliverable Forwards (NDFs): USD/Chinese Renminbi, USD/Brazilian Real, USD/Chilean Peso, USD/Russian Ruble, USD/Columbian Peso, USD/Peruvian Sol, USD/Korean Won, USD/Indian Rupee, USD/Malaysian Ringgit, USD/Indonesian Rupiah, USD/Taiwan Dollar and USD/Philippines Peso. In addition to cash settled forward (CSF) foreign exchange pairs.
Other firms are expected to apply for SEF status include FXall, FXCM and Gain Capital.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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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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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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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
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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