Putting its name in the growing list of potential operators of Swap Execution Facilities (SEF), interdealer, Compagnie Financière Tradition, has announced that they have completed their SEF application with the CFTC. The trading activities will be offered through a new New York based subsidiary called Tradition SEF. Heading the unit is Mike Leibowitz, Tradition COO of EMEA and US, who will also act as the SEF’s CEO.
Meeting demands of coming Dodd-Frank rules, Tradition SEF will offer cleared and uncleared trading in multiple asset classes including equity derivatives, interest rate swaps, credit default swaps, FX options and commodities. The platform will be via graphical user interfaces (GUI), application programming interfaces (API) direct, or via independent software vendors (ISVs), and will enable both electronic and voice driven executions.
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Commenting on the application, Leibowitz stated “the submission of our Tradition’s SEF application is a continuation of our long-standing commitment to operate global compliant and transparent trading solutions. Tradition’s strategy is to proactively develop global regulatory compliant trading solutions with our customers, and partner with them where appropriate. Tradition SEF will enable our clients to continue trading and executing swaps transactions, accessed via Tradition’s hybrid, electronic and voice services, while also meeting regulatory requirements”.