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Daniel J Roth, President, NFA

NFA to provide regulatory services to Tullett Prebon's swap execution facility

The National Futures Association (NFA) and Tullett Prebon have entered into an agreement that paves the way for NFA to perform regulatory services for Tullett Prebon'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 Tullett Prebon and NFA to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for Tullett Prebon to fulfill its SEF self-regulatory obligations.  Upon the issuance of the Commodity Futures Trading Commission's (CFTC) final SEF rules, NFA and Tullett Prebon anticipate that they will enter into a formal Regulatory Services Agreement.

Under the Dodd-Frank Act and the rules and regulations currently being written by the CFTC, 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 Tullett Prebon as we enhance our surveillance systems to assist Tullett Prebon and other SEFs in meeting their regulatory responsibilities."

"We are enthusiastic about this working relationship with the NFA, a highly regarded independent regulatory organization, as we prepare to become a Swap Execution Facility," says Shawn Bernardo, Senior Managing Director, Tullett Prebon. "We are confident the NFA will be able to provide Tullett with the experience and resources necessary to assist us in satisfying our regulatory obligations as a SEF."

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