CFTC Grants Full Registration to GAIN’s GTX, FlexTrade and TeraExchange

TeraExchange LLC, GTX SEF LLC, and FTSEF LLC are now fully registered SEFs.

Three Swap Execution Facilities (SEFs) that had been previously pending with the U.S. Commodity Futures Trading Commission (CFTC) have now received full registration status, as per an order of registration issued by the CFTC today highlighting the approvals.

The newly registered SEFs include New Jersey-based GTX SEF, LLC, a GAIN Capital indirect subsidiary formed in Delaware, TeraExchange LLC, also based in New Jersey and formed as a Delaware entity, and FTSEF LLC – a FlexTrade Systems subsidiary formed and based in NY, as per the CFTC statement.

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The need for SEF registration emerged out of the post-crisis Dodd-Frank related regulations that blanketed Wall Street, in an effort to make the pre-trade and post-trade process more transparent for the swaps market, as cited in the CFTC update.

The news follows as each of the three newly-registered SEFs had been previously pending or provisionally-registered, and now brings the total number of fully registered SEFs to 21.

LedgerX LLC was withdrawn earlier this month on May 13th, as per SEF data maintained on the CFTC’s website, and occurred just three days before EBS Global Facility Ltd submitted its paperwork for a SEF application which was received on May 16th, in addition to ICAP Global Derivatives Limited which was approved as a SEF in January of this year. 

Another SEF that Finance Magnates wrote about, Seed SEF LLC, which is contemplating derivatives related to Hemp trading and other potentially nascent markets, is the only SEF still pending, while Clear Markets North America, Inc. has received temporary registration.

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