The US Commodity Futures Trading Commission (CFTC) has approved the applications of tpSEF and Tradition SEF for temporary registration as swap execution facilities (SEFs).
tpSEF and Tradition SEF’s applications for temporary registration as SEFs were approved by the Commission on 24 and 25 September, respectively.
tpSEF is a Delaware corporation and is a wholly-owned subsidiary of Tullet Prebon Americas Corp.
Tradition SEF is a Delaware limited liability company and is a wholly-owned subsidiary of Compagnie Financiere Tradition SA, a Switzerland corporation.
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.
tpSEF and Tradition SEF 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 Commission regulations, including part 37, and any future regulations, amendments, guidance, and interpretations issued by the Commission.
As a next step, the Commission will undertake a substantive review of tpSEF and Tradition SEF’s applications for full registration.