TeraExchange Receives Temporary Registration as a Swap Execution Facility (SEF)
CFTC approves TeraExchange to operate multi-asset class SEF
SUMMIT, N.J., Sept. 19, 2013 /PRNewswire/ -- TeraExchange, LLC announced today that it has received temporary registration from the Commodity Futures Trading Commission (CFTC) to operate a multi-asset class Swap Execution Facility ("SEF").
As a Swap Execution Facility, TeraExchange will empower market participants to execute a wide variety of financial instruments including Interest Rate Swaps, CDS Indices and FX: Non-Deliverable Forwards.
"The launch of SEFs is bringing transparency and new opportunities for efficient hedging and alpha creation to the swaps market," said Christian Martin, CEO and co-founder of TeraExchange. "With our temporary registration in hand we can now deliver market participants the most efficient and robust offering in the marketplace."
CFTC's mandatory compliance deadline for swap trading venues is October 2. TeraExchange has created the most comprehensive and technologically advanced independent swaps marketplace, offering all buy side and sell side market participants the utmost in access and transparency through an anonymous, all-to-all central-limit order book, and a unique market making program with directed orders.
TeraExchange offers market participants a direct to dealer trading protocol as part of an anonymous central-limit order book for execution of a wide range of derivative instruments. Based in Summit, New Jersey, we have received temporary registration from the Commodity Futures Trading Commission to operate as a Swap Execution Facility.
With Benchmark and Customized Clearable Instruments (CCI's), TeraExchange offers market participants the ability to define the precise characteristics of clearable derivatives that they need in order to hedge, consolidate or terminate risk positions.
In addition to its core trading platform, TeraExchange also makes available two trading tools for complementary use by its market participants. TeraDirect is a sophisticated front-end execution management system that displays all information and functionality needed to trade on TeraExchange. TeraCheck is a proprietary pre-trade credit risk management engine that encourages a safe and sound marketplace by allowing market participants and their clearing members to enter and maintain appropriate risk controls. TeraCheck integrates seamlessly with in-house and external credit hub systems. Participants may connect via FIX, FAST, FpML and other protocols.
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