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Liquid. Efficient. Flexible. Compliant.
Success in the changing derivatives marketplace means having the right tools to access liquidity, manage risk and execute your trading strategies. We know that traders need the flexibility of a broad range of protocols to efficiently get their business done, that’s why we offer two regulated SEFs – our RFQ platform, TW SEF LLC, and our anonymous CLOB and voice RFQ platform, DW SEF LLC.
Key Features:
- A broad suite of trading protocols for maximum flexibility
- Seamless connections to clearing and automatic SDR reporting
- Advanced tools for credit checking and compression
TW SEF LLC
Tradeweb has operated the regulated TW SEF LLC since 2013 with all currently mandated derivatives supported:
- More than $390 trillion traded on TW SEF (as of 1Q24)
- The largest U.S. SEF in 2023 for Interest Rates Swaps*
*Data: Clarus Financial Technology
DW SEF LLC
Dealerweb has operated the DW SEF LLC since 2013, serving the wholesale marketplace:
- DW SEF offers USD IRS, Basis Swaps and OIS among other products
- DW SEF supports voice, electronic and hybrid execution
- More than $28 trillion traded since launch (as of 1Q24)
Rulebooks
Swaps Data
CFTC Filing and Notifications for TW SEF
| TW SEF Letter (Amendment of Rulebook - Rule 901) | 2024-March-28 |
| TW SEF Letter - Amend SEF Rules | 2021-FEB-2 |
| TW SEF Amendment (Fully API CAD) Letter | 2021-JULY-8 |
| TW SEF FOIA Letter (API Services Fee CAD) | 2021-JULY-8 |
| TW SEF FOIA Letter Amendment Fee Schedule CDS | 2021-JULY-15 |
| TW SEF (Fully Integrated API Service Fee Schedule All CDS) | 2021-JULY-15 |
| TW SEF FOIA Letter - API Services Fee Schedule (GBP Swaps) | 2021-AUGUST-30 |
| TW SEF -Full API Services Letter (GBP Swaps) | 2021-AUGUST-30 |
| TW SEF Letter - Amendment - TW SEF Block Trades | 2021-SEPTEMBER-17 |
| TW SEF Letter - Amendment - Rate Swaps Fee Schedule | 2021-NOVEMBER-09 |
|
TW SEF Weekly Notification with FOIA Letter – Week of January 6, 2020 |
2020-JAN -1 |
| TW SEF Fee Update with FOIA Letter |
2020-MAR-6 |
| TW SEF - Production Specification Update |
2020-MAR-9 |
| 2020- MAR 20 | |
| 2020-MAR 20 | |
| TW SEF – TW SEF Letter - NAL -TW SEF Rule 1005 |
2020-APR-9 |
| 2020-JUNE-2 | |
| 2020-JUNE-3 | |
| TW SEF FOIA Letter-Amend Rate Swaps Fee and Schedule |
2020-JULY-23 |
| TW SEF Fee Update |
2020-SEPT-21 |
| TW SEF FOIA Letter |
2020-SEPT-21 |
| TW SEF Letter-10.19.20 Block Trade Notice with Exhibit A |
2020-OCT-19 |
| Market Regulation Advisory Notice – Block Trades | Effective 2020-NOV-2 |
| 2020-NOV-9 |
|
| TW SEF Product Specification Update – CDX, JSCC IRS
|
2020-DEC-18 |
| TW SEF Fee Amendment (EM Swaps) with FOIA Letter | Effective 2019-OCT-1 |
| TW SEF - Product Specification Update | 2019-NOV-5 |
| TW SEF LLC - Eurex Product Specification Update | 2018-DEC-10 |
| Exhibit A-TW SEF Rulebook | Effective 2018-DEC-07 |
| TW SEF – Fee Amendments (Redacted) with FOIA Letter | |
| TW SEF Rulebook Amendments and Chart | |
| TW SEF Rulebook | 2018-APR-11 |
| TW SEF Rulebook | 2018-APR-11 |
| TW SEF – Fees Amendment (Redacted) with FOIA Letter | 2017-AUG-17 |
| TW SEF Rulebook | 2017-FEB-21 |
| Chart TW SEF Rule Changes | 2017-FEB-21 |
| TW SEF Rulebook | 2017-FEB-17 |
| TW SEF Listing of Swaptions |
| TW SEF Rulebook | 2016-OCT-3 |
| TW SEF Rulebook | 2016-OCT-3 |
| Chart TW SEF Rule Changes | 2016-OCT-3 |
| TW SEF Rulebook (Clean) | 2016-SEP-12 |
| TW SEF Rulebook (Marked) | 2016-SEP-12 |
| Chart TW SEF Rule Changes | 2016-SEP-12 |
| TW SEF – Fees Amendment (Redacted) with FOIA Letter | |
| TW SEF – Market Regulation Advisory Notice to Participants re Straight Through Processing | 2016-JUN-2 |
| TW SEF Rulebook (Clean) | 2016-JAN-15 |
| TW SEF Rulebook (Marked) | 2016-JAN-15 |
| Chart TW SEF Rule Changes | 2016-JAN-15 |
CFTC Filing and Notifications for DW SEF
| DW SEF LLC – Amendment of Rule 901 - Swap Specifications | 2024-March-20 |
| DW SEF LLC – Rule Changes- IRS Fee Schedule | 2023-March-07 |
| DW SEF LLC – Amendment of Rule 901 - Swap Specifications | 2023-June-29 |
| DW SEF LLC – Amendment of Rule 901 - Swap Specifications | 2023-September-05 |
| DW SEF Letter - Update Rule 901 | 2023-December-09 |
| DW SEF Letter Amendment of Rulebook Rule 901 | 2022-FEBRUARY-04 |
| DW SEF Letter Amendment of Rulebook Rule 205 | 2022-FEBRUARY-04 |
| DW SEF Letter Amendment of Rulebook Rule BSBY | 2022-FEBRUARY-04 |
| DW SEF Letter - Amendment of Rule 411 (Block Trades) | 2022-JUNE-02 |
| 2022-AUG-22 | |
|
DW SEF - Notice to Participants - SDR Reporting December 2022 |
Effective 2022-DEC-07 |
| 2022-NOV-22 |
| DW SEF Letter - Amend SEF Rules | 2021-FEB-02 |
| DW SEF Letter - Amendment - DW SEF Block Trades | 2021-SEPTEMBER-17 |
| DW SEF Letter_Amendment_Delisting Equity Swaps | 2021-DECEMBER-09 |
| DW SEF MRAN – Emergency Rule Notice – COVID-19 | Effective 2020-MAR 20 |
| 2020-MAR-20 | |
| 2020-JULY-21 | |
| 2020-JULY-21 | |
| 2020-NOV-9 |
| Weekly Notification - Week of April 1, 2019 | 2019-APR-19 |
| DW SEF Rulebook (Clean) | 2018-OCT-12 |
| DW SEF Rulebook (Marked) | 2018-OCT-12 |
| DW SEF Rulebook Amendments and Chart | |
| DW SEF Rulebook (Clean) | 2018-APR-11 |
| DW SEF Rulebook (Marked) | 2018-APR-11 |
| DW SEF LLC Listing of USD FRAs | 2017-APR-11 |
| DW SEF LLC Listing of GBR FRAs | 2017-APR-11 |
| DW SEF LLC Listing of Euro FRAs | 2017-APR-11 |
| DW SEF LLC Listing of CAD FRAs | 2017-APR-11 |
| DW SEF Rulebook (Clean) | 2017-FEB-21 |
| DW SEF Rulebook (Marked) | 2017-FEB-21 |
| Chart of DW SEF Rulebook Changes | 2017-FEB-21 |
| DW SEF Rulebook (Clean) | 2016-SEP-12 |
| DW SEF Rulebook (Marked) | 2016-SEP-12 |
| Chart of DW SEF Rulebook Changes | 2016-SEP-12 |
| DW SEF MRAN re STP (Amend Clean) | 2016-JUL-22 |
| DW SEF MRAN re STP (Amend Marks) | 2016-JUL-22 |
| DW SEF Rulebook (Clean) | 2016-JUL-22 |
| DW SEF Rulebook (Marked) | 2016-JUL-22 |
| Chart of DW SEF Rulebook Changes | 2016-JUL-22 |
| DW SEF - Market Regulation Advisory Notice to Participants re Straight Through Processing | 2016-MAY-31 |
| DW SEF Rulebook (Clean) | 2016-JAN-15 |
| DW SEF Rulebook (Marked) | 2016-JAN-15 |
| Chart of DW SEF Rulebook Changes | 2016-JAN-15 |
| DW SEF MRAN - Top and Drop Privilege Qualifications | 2016-JAN-7 |
| Market Regulation Advisory Notice – Work-Up Protocol | |
| DW SEF LLC Rule Book | 2014-NOV-17 |
| DW SEF LLC Rule Book Changed Marked | 2014-NOV-17 |
| Chart of DW SEF LLC Rule Book Changes | 2014-NOV-17 |
| Notice to DW SEF Participants: Block Trade Treatment for Package Transactions | |
| DW SEF LLC Rule Book | 2014-JUL-29 |
| DW SEF LLC Rule Book Changes Marked | 2014-JUL-29 |
| Notice to DW SEF Participants: Block Trade treatment for Package Transactions | |
| DW SEF LLC Rule Book | 2014-MAY-22 |
| DW SEF LLC Rule Book Changes Marked | 2014-MAY-22 |
| DW SEF LLC Rule Book | 2014-FEB-3 |
| DW SEF LLC Rule Book Changes Marked | 2014-FEB-3 |
| DW SEF LLC Notice of Amended SEF Rulebook | 2014-FEB-3 |
| DW SEF LLC Notice of Amended SEF Rulebook | 2014-FEB-3 |
| DW SEF LLC Rule Book | 2013-OCT-31 |
| DW SEF LLC Emergency Rule Certification | 2013-OCT-31 |
| DW SEF LLC Rule Book Changes Marked | 2013-OCT-31 |
| DW SEF LLC Rule Book Changes Marked | 2013-OCT-18 |
| DW SEF LLC Rule Book | 2013-OCT-18 |
| DW SEF LLC Certification of Rule Amendments | 2013-OCT-10 |
| Notice to DW SEF Participants | 2013-OCT-2 |
| DW SEF LLC Certification to CFTC for listing IRS and CDS | |
| DW SEF LLC Emergency Rule Certification | 2013-OCT-4 |
| DW SEF LLC Rule Book Certification Pursuant to CFTC Regulation 40.6 | 2013-OCT-18 |
| DW SEF LLC Emergency Rule Certification | 2013-OCT-2 |
