Ex-CFTC General Counsel to Oversee Registration, Roll-out
Tradeweb Markets LLC, a leader in building and operating
financial markets, today announced the appointment of Bob Paul, a former General
Counsel of the Commodity Futures Trading Commission, as a member of its global
compliance and legal team. The move positions the firm with a seasoned Chief Compliance
Officer in place for its swap execution facility ("SEF"), following finalization of
derivatives regulation by the CFTC and the Securities and Exchange Commission
("SEC").
Tradeweb has been actively preparing for the registration
of its current swaps platform as a SEF for more than a year. Among the initiatives
completed in preparation for the new rules are electronic links to all the major
clearing houses, integration with order management systems, development of "SEF-ready"
trading protocols, and a legal review of requirements to rapidly complete SEF
registration.
Tradeweb is the leading competitive venue for electronic
trading of interest rate swaps and has been providing institutional investors access to
pre-trade pricing and trade execution for both IRS and credit default swap indices
since 2005. During that period, more than 80,000 swap trades have been completed on its
multi-dealer platforms, for a notional amount in excess of $7 trillion.
"Tradeweb is committed to providing the world's most
efficient marketplaces for the trading of swaps. The hire of Bob Paul will help us
fast-track the creation of the regulatory infrastructure we need to get there," said
Scott Zucker, Chief Administrative Officer of Tradeweb. "We intend to be SEF-ready from
day one."
Paul joined the CFTC in 1999, where he negotiated a joint
regulatory structure with the Securities and Exchange Commission for security futures
and played a significant role in the passage of the Commodity Futures Modernization Act
of 2000.
"To join the world's leading electronic fixed income and
derivatives marketplace at such a historic time is a remarkable honor. Tradeweb is the
benchmark for transparency and efficiency, hallmarks of the Dodd-Frank Act. As we move
towards the registration process, I look forward to working with colleagues to ensure
that Tradeweb is ready from a regulatory and compliance perspective on the day the
final rules are approved," said Paul, 55.
After leaving the CFTC in 2001, Paul was appointed General
Counsel of OneChicago, LLC, which he helped launch as the first exchange in the U.S. to
trade security futures products, including futures contracts on individual equity
stocks and narrow-based stock indices. Among other roles he has played, Bob served as
General Counsel at the Philadelphia Stock Exchange, and as in-house counsel at a number
of investment banks.
About Tradeweb
Tradeweb is a leader in building and operating of financial
markets. As a pioneer in the development of electronic trading and trade processing,
the company provides services in the fixed income and derivatives markets to clients in
more than 50 countries. Since 1998, Tradeweb has operated a global fixed income and
derivatives trading network that harnesses the distribution of the major investment
banks with over 2,000 institutional clients. In 2008, Tradeweb introduced inter-dealing
broking capability with the acquisition of voice broker Hilliard Farber and
subsequently launched Dealerweb, an electronic IDB platform. Tradeweb Retail provides a
trading and sales application to fixed income brokers and traders.
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