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, the CFTC; it joins rival ICAP who submitted their request last week.
The 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 Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term 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 Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term, NDFs and options electronically with SEF and non-SEF execution.”
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.
The 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 Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term 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 Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term, NDFs and options electronically with SEF and non-SEF execution.”
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.