SUMMIT, N.J., Oct. 2, 2013 /PRNewswire/ -- TeraExchange, LLC, which recently received approval from the CFTC to operate as a swap execution facility (SEF), announced today that Andrew V. Waskow has been appointed Chief Compliance Officer and Senior Vice President. Mr. Waskow will manage compliance and regulatory affairs on a global basis.
As CCO, Mr. Waskow will oversee governance and surveillance of trading on TeraExchange's markets, manage the SEF's rule- and policy-writing processes, and design and implement enforcement programs. He will also actively engage with the regulatory community and coordinate strategy in connection with rule-making and supervisory efforts.
Mr. Waskow joined the TeraExchange team last fall and helped lay the foundation for the firm's approval to operate as a SEF. "Andy was instrumental in our successful SEF application process. We know he'll be equally successful in overseeing compliance on our active markets," said TeraExchange President and COO Leonard T. Nuara.
"We are committed to providing our market participants with a fair and well-governed platform where they can execute their trading and hedging strategies with confidence," said Mr. Waskow.
Before joining TeraExchange, Mr. Waskow spent nine years at Goldman Sachs and three years at Merrill Lynch as an attorney providing strategic guidance on a wide range of trading and capital markets matters. He began his career in Washington, DC at the Bond Market Association where he spent eight years working with financial firms to address regulatory and legislative priorities. Mr. Waskow earned his J.D. from The American University's Washington College of Law in 1998 and his B.A. in Public Policy Studies from Duke University in 1991.
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, TeraExchange has received temporary registration from the Commodity Futures Trading Commission (CFTC) to operate as a Swap Execution Facility (SEF).
With Benchmark and Customized Clearable Instruments (CCI's), TeraExchange offers market participants the ability to obtain 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 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.