Thomson Reuters Files SEF Application for FX Products

Thomson Reuters has submitted its application to register itself as a Swap Execution Facility (SEF) with the US financial regulator,

thomson reuters logoThe inter-dealer FX platform that specializes in non US currencies has submitted its SEF application, according to a report on Automated Trader, three weeks before the October 2nd deadline. The report states that the firm has announced that it has submitted its application to the US regulator, the Commodity Futures Trading Commission CFTC, and will offer a range of products that require mandatory clearing on a Swap Execution Facility as per the Dodd-Frank Act.

Thomson Reuters acquired FXall, a leading ECN, in July last year. Under the Thomson Reuters SEF, users will have access to a range of products under one trading portal. On its website FXall states: “One platform for trading FX spot, forwards, swaps, NDFs and options electronically with SEF and non-SEF execution.”

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Thomson Reuters joins a long list of firms that have submitted their SEF application, and in addition, the list of SEF approvals is also developing. After Bloomberg, the first approved SEF,Tradeweb also announced that the CFTC had granted it temporary sanction.

Traders will benefit from a range of features offered by the Thomson Reuters SEF, including (according to its website):

  • Multiple Legal Entity Identifiers (LEIs), Designated Clearing Organizations (DCOs) per entity
  • Entitlements for SEF-authorized accounts and users
  • End User Exemptions
  • Granular customer mapping, using multiple legal entities (DFA or not) to map DFA entities to DFA clients, non-DFA entities to non-DFA clients
  • Self-clearers and client clearing

Thomson Reuters was unavailable for comment.

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