NEW YORK, Oct. 1, 2013 /PRNewswire/ -- Javelin confirmed today that it has begun trading as a Swap Execution Facility ("SEF") for interest rate swaps—one day ahead of the October 2nd SEF deadline set by the Commodities Futures Trading Commission (CFTC).
Trading through Javelin SEF, a CFTC licensed entity, Javelin began matching buyers and sellers of US dollar swaps for a fee.
"We are excited to begin swap trading ahead of the October 2nd deadline," said James Cawley, CEO of Javelin Capital Markets, LLC. "Offering a broad choice in execution, liquidity and product mix is critical to market participants today as they decide which SEF platform will best meet their needs in the coming months."
Javelin has dedicated liquidity from a number of participating swaps dealers. It currently lists Interest Rate Swaps and Swap Spreads for clearing at both LCH and CME. Customers may execute either through Javelin's central limit order book ("CLOB") or its Request For Quote ("RFQ") system.
Participants can trade on a disclosed or anonymous basis—at their option.
In addition to trading directly on the Javelin platform, customers may execute through a traditional swaps sales desk at a participating swap dealer. Customers may also execute through an introducing broker who acts as their agent to access Javelin's liquidity.
Thirteen of 17 firms offering client clearing of interest rate swaps are available on the Javelin platform to permit their customers to trade.
Javelin expects to broaden its product mix in the coming months—offering curves, butterflies, and MAC swaps.
About Javelin Capital Markets
Founded in 2009, Javelin Capital Markets, LLC (www.thejavelin.com) is a derivatives execution platform for Interest Rate Swaps and Credit Default Swaps. Javelin was granted a provisional Swap Execution Facility license by the CFTC on September 20th 2013. Javelin works with several execution partners to ensure optimal liquidity for its diverse customer base. Javelin offers both anonymous electronic and voice-hybrid methodologies for trade execution. Javelin is one of the first platforms to register as a SEF, or Swap Execution Facility, under the Dodd Frank Act with the CFTC.
SOURCE Javelin Capital Markets