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 Daniel J Roth, President, NFA

NFA to provide Regulatory Services to GFI’s Swap Execution Facility

National Futures Association (NFA) and GFI Group have entered into an agreement that paves the way for NFA to perform regulatory services for GFI's swap execution facility (SEF).

The agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable GFI and the NFA, to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for GFI to fulfill its SEF self-regulatory obligations.  Upon the issuance of the Commodity Futures Trading Commission’s (CFTC) final SEF rules, NFA and GFI anticipate that they will enter into a formal Regulatory Services Agreement.

Under the Dodd-Frank Act and the rules and regulation promulgated thereunder, SEFs will have surveillance and other regulatory responsibilities. The CFTC has proposed to allow SEFs to contract with a registered futures association, such as NFA, or another registered entity for regulatory services. 

“This is a significant step forward as we engage in new regulatory activity on behalf of SEFs. For over ten years, NFA has been successfully performing trade practice and market surveillance functions on behalf of futures exchanges,” says NFA President Daniel J Roth (pictured). “We look forward to working with GFI as we enhance our surveillance systems to assist GFI and other SEFs in meeting their regulatory responsibilities.”

”We are very excited about working with the NFA as GFI prepares to become a Swap Execution Facility”, said Scott Pintoff, GFI’s General Counsel.  “We have great respect for the NFA’s regulatory expertise and believe that they are the logical choice to assist GFI in meeting its obligations as a SEF under the Commodity Exchange Act.”

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