The US Commodity Futures Trading Commission (CFTC) has approved the application of 360 Trading Networks (360T) for temporary registration as a swap execution facility (SEF).
360T is a Delaware limited liability company and is wholly-owned by 360 Treasury Systems AG, a German joint stock company.
A SEF is a category of CFTC registered entities created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to provide greater pre-trade and post-trade transparency to the swaps market.
360T will be required, as will all future temporarily and fully registered SEFs, to demonstrate continued compliance with all applicable provisions of the Commodity Exchange Act and CFTC regulations.
As a next step, the CFTC will undertake a substantive review of 360T’s application for full registration.