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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.

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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
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TW SEF LLC
Tradeweb has operated  the regulated TW SEF LLC since 2013 with all currently mandated derivatives supported:

  • More than $760 trillion traded on TW SEF (as of 1Q26)
  • The largest U.S. SEF in 2025 for Interest Rates Swaps*

In line with the Securities and Exchange Commission's Regulation SE, TW SEF LLC is registered as a security-based swap execution facility ("SBSEF"). View the complete list of security-based swaps offered on TW SEF.

*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 $30 trillion traded since launch (as of 1Q26)

 

Rulebooks

 

 

Swaps Data

CFTC Filing and Notifications for TW SEF

TW SEF LLC – Amendment of Rule 901 (Swap Specifications)
 2026-April-9
TW SEF LLC – Amendment of Rule 105 (Security-Based Swaps) and 411 ( Block Trades)
 2026-March-13
TW SEF LLC – Amendment of Rule 901 (Swap Specifications) 2026-February-2
TW SEF LLC – Amendment of Rule 901 (Swap Specifications) 2026-January-16
TW SEF LLC – Amendment of Rule 901 (Swap Specifications) 2025-December-1
TW SEF LLC – Amendment of Rule 1005 2025-September-30
TW SEF LLC – Amendment of Rule 212 and 901 2025-September-11
TW SEF LLC – Amendment of Rule 901 (Swap Specifications) 2025-May-27
TW SEF LLC – Amendment of Rule 411 and 717 2025-March-31
TW SEF LLC – Amendment of Rule 901 (Swap Specifications) 2025-February-13
TW SEF Letter (Amendment of Rulebook - Rule 901) 2024-July-24
TW SEF Letter (Amendment of Rulebook - Rule 901) 2024-July-5
TW SEF Letter (Amendment of Rulebook - Rule 901) 2024-March-28
TW SEF Letter (Amendment of Rulebook - Rule 901) 2023-MAY-8
TW SEF Letter (Amendment of Rulebook - Rule 901) 2023-MAY-8
Attachment A ( Rulebook filing on 5.8) 2023-MAY-11
Attachment B ( Rulebook filing on 5.8) 2023-MAY-11
TW SEF Letter - Amendment of Rulebook - Rule 901 2023-NOV-13
TW SEF Letter - Amendment of Rulebook Rule 205 2022-FEB-3
TW SEF Letter - Amendment of Rulebook Rule 901 2022-FEB-3
TW SEF Letter - Amendment of Rule 411 (Block Trades) 2022-JUN-2
TW SEF Letter - Amendment of Rulebook - Rule 901 2022-AUG-1
TW SEF Letter- Amendment of Rulebook - Rules 414 717 1005 2022-AUG-22
TW SEF Letter - Amendment of Rulebook (Rule 901) 2022-DEC-21
TW SEF Letter - Amend SEF Rules 2021-FEB-2
TW SEF Letter - Amendment - TW SEF Block Trades 2021-SEPTEMBER-17
TW SEF - Production Specification Update 2020-MAR-9
TW SEF – TW SEF Letter - NAL -TW SEF Rule 1005 2020-APR-9
TW SEF IRS Cross Currency Basis Swap Filing 2020-JUNE-2
TW SEF New Rule 419 (Amended) – Post Trade Name Give Up 2020-NOV-9
TW SEF Product Specification Update – CDX, JSCC IRS  2020-DEC-18
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 Rulebook Amendments and Chart    
TW SEF Rulebook 2018-APR-11  
TW SEF Rulebook 2018-APR-11
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 Rulebook (Clean) 2016-JAN-15
TW SEF Rulebook (Marked) 2016-JAN-15
Chart TW SEF Rule Changes 2016-JAN-15
TW SEF Rulebook (Clean) 2015-DEC-22
TW SEF Rulebook (Marks) 2015-DEC-22
Chart of TW SEF Rule Changes 2015-DEC-22
TW SEF Rulebook 2015-DEC-10
TW SEF Rulebook (Marked) 2015-DEC-10
Chart TW SEF Rule Changes 2015-DEC-10
TW SEF Rulebook 2015-NOV-30
Chart of TW SEF Rule Changes 2015-NOV-30
TW SEF Rulebook (Marked) 2015-NOV-30
TW SEF Rulebook 2015-NOV-18
Chart of TW SEF Rule Changes 2015-NOV-18
TW SEF Rulebook (Marked) 2015-NOV-18
TW SEF Rulebook 2015-OCT-30
TW SEF Rulebook (Marked) 2015-OCT-30
TW SEF Rulebook Chart of Changes 2015-OCT-30
TW SEF Rulebook 2015-SEP-30
TW SEF Rulebook (Marked) 2015-SEP-30
TW SEF Rulebook 2015-JUN-12
TW SEF Rulebook (Marked) 2015-JUN-12
TW SEF LLC Rule Book 2015-MAR-24
TW SEF LLC Rule Book Changes Marked 2015-MAR-24
TW SEF LLC Rule Book 2015-JAN-16
TW SEF LLC Rule Book Changes Marked 2015-JAN-16
TW SEF LLC Rule Book 2014-DEC-1
TW SEF LLC Rule Book Changes Marked 2014-DEC-1
TW SEF LLC Rule Book 2014-JUL-29
TW SEF LLC Rule Book Changes Marked 2014-JUL-29
TW SEF LLC Rule Book 2014-MAY-22
TW SEF LLC Rule Book 2014-JAN-31
TW SEF LLC Rule Book Changes Marked 2014-JAN-31
TW SEF LLC Notice of Amended SEF Rulebook 2014-JAN
TW SEF LLC Rule Book 2013-OCT-31
TW SEF LLC Rule Book Changes Marked 2013-OCT-31
TW SEF LLC Emergency Rule Certification 2013-OCT-31
TW SEF LLC Rule Book Certification Pursuant to CFTC Regulation 40.6 2013-OCT-18
TW SEF LLC Rule Book 2013-OCT-18
TW SEF LLC Rule Book Changes Marked 2013-OCT-18
TW SEF LLC Certification of Rule Amendments 2013-OCT-10
TW SEF LLC Emergency Rule Certification 2013-OCT-4
TW SEF LLC Certification to CFTC for listing IRS and CDS    
TW SEF LLC Emergency Rule Certification 2013-OCT-2

TW SEF LLC – Notice to Participants 2026-January-5
TW SEF Letter - Cleared Error Swaps Procedures and Requirements 2023-AUG-22
TW SEF Notice to Particpants - Cleared Error Swaps Procedures and Requirements 2023-AUG-22
TW SEF - Notice to Participants - SDR Reporting December 2022  Effective 2022-Dec-07
TW SEF Letter - Notice to Participants - SDR Reporting 2022-NOV-22
TW SEF MRAN – Emergency Rule Notice – COVID-19 2020- MAR 20
TW SEF 40.6 Emergency Rule Filing – COVID-19 2020-MAR 20
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
TW SEF – Market Regulation Advisory Notice to Participants re Straight Through Processing 2016-JUN-2
TW SEF MRAN - Hours of Trading 2015-DEC-22
Notice to All Participants of TW SEF LLC: Leap Second Planning and Preparedness    
No Action Relief Expiration re MAT / Agency MBS Package Transactions    
Market Regulation Advisory Notice – Trading and Execution Protocols    
Notice to TW SEF Participants: RFQ1 Treatment for MAT Swap Leg of Specified Package Transactions    
Notice to TW SEF Participants: Block Trade Treatment for Package Transactions  
Notice to TW SEF Participants: Block Trade treatment for Package Transactions    
Notice to TW SEF Participants: Enablement Mechanisms Follow up 2013-DEC-16
Notice to TW SEF Participants: MarkitSERV Auto-Processing 2013-DEC-9
Notice to TW SEF Participants: Enablement Mechanisms 2013-DEC-3
Notice to TW SEF Participants 2013-OCT-4
Notice to TW SEF Participants 2013-OCT-2

TW SEF LLC - Rule Changes - Fully Integrated API Services Fee Schedule (All Credit Default Swap Indices) 2026-March-17
TW SEF LLC - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps- Euro and Asia Hours Only) 2025-December-18
TW SEF LLC - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps) 2025-December-18
TW SEF LLC – Rule Changes - Fully Integrated API Services Fee Schedule (Emerging Market Currencies) 2025-August 15
TW SEF LLC – Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps) 2025-August 11
TW SEF LLC – Rule Changes - Access Fees and Payment Terms for Direct GUI Participants 2025-August 4
TW SEF Amendment (Fees- Direct GUI Participants) 2023-JAN-10
TW SEF Letter (Amendment Emerging Market Currencies) 2023-JAN-30
TW SEF Letter - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps) 2023-AUG-14
TW SEF Letter - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps - Euro and Asia Hours Only) 2023-AUG-14
TW SEF Amendment (Fully Integrated API Services Letter) 2022-JAN-19
TW SEF Amendment (Rate Swaps Currencies Tokyo Hours Only) 2022-JAN-19
TW SEF Letter (Rate Swaps Euro Asia Hours) 2022-FEB-7
TW SEF Letter - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps – Euro and Asia Hours Only), Fully Integrated API Services Fee Schedule (Rate Swaps) and Fully Integrated API Services Fee Schedule (EMEA Swaps)TW 2022-JUN-9
TW SEF Letter - Rule Changes - Fully Integrated API Services Fee Schedule (Rate Swaps Currencies – Tokyo Hours Only) 2022-JULY-6
TW SEF Letter - Amendment (GBP Full Fee and Payment Terms) 2022-AUG-22
TW SEF Letter - Amendment (Rate Swaps) 2022-AUG-31
TW SEF Letter - Amendment (Emerging Market Currencies) 2022-OCT-03
TW SEF Letter - Amendment (Access Fees and Payment Terms) 2022-OCT-11
TW SEF Letter - Amendment (All Credit Default Swap Indices) 2022-DEC-14
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 - 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 Amendment CDS Indices Fee Schedule   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 Fee Amendment (EM Swaps) with FOIA Letter Effective 2019-OCT-1
TW SEF – Fee Amendments (Redacted) with FOIA Letter    
TW SEF – Fees Amendment (Redacted) with FOIA Letter  2017-AUG-17
TW SEF – Fees Amendment (Redacted) with FOIA Letter    

SEC Filing and Notifications for TW SEF

CFTC Filing and Notifications for DW SEF

CFTC Regulation 40.2(a) Certification. Option-Fixed-to-Floating Swap Contract (“Swaptions”) and 40.6(a) Certification- De Listing of BSBY Basis Swaps 2026-February-4
DW SEF LLC – Amendment of Rule 212 2025-September-11
DW SEF LLC – Amendment of Rule 901 - Swap Specifications 2024-March-20
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
DW SEF Letter - Amendment of Rulebook - Rule 414 717 1005 2022-AUG-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 New Rule 419 (Amended) – Post Trade Name Give Up 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 Rulebook (Clean) 2016-JUL-22
DW SEF Rulebook (Marked) 2016-JUL-22
Chart of DW SEF Rulebook Changes 2016-JUL-22
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 Rulebook (Clean) 2015-DEC-22
DW SEF Rulebook (Marked) 2015-DEC-22
Chart DW SEF Rule Changes 2015-DEC-22
DW SEF Rulebook (Clean) 2015-DEC-10
DW SEF Rulebook (Marked) 2015-DEC-10
Chart of DW SEF Rulebook Changes 2015-DEC-10
DW SEF Rulebook 2015-NOV-30
Chart of DW SEF Rule Changes 2015-NOV-30
DW SEF Rulebook (Marked) 2015-NOV-30
DW SEF Rulebook 2015-NOV-18
DW SEF Rulebook (Marked) 2015-NOV-18
Chart of DW SEF Rule Changes 2015-NOV-18
DW SEF Rulebook 2015-OCT-30 
DW SEF Rulebook (Marked) 2015-OCT-30  
DW SEF Rulebook Chart of Changes 2015-OCT-30
DW SEF Rulebook 2015-SEP-30
DW SEF Rulebook (Marked) 2015-SEP-30
DW SEF Rulebook 2015-JUN-12
DW SEF Rulebook (Marked) 2015-JUN-12
DW SEF Class Certification of Canadian Dollar-Denominated Interest Rate Swaps    
DW SEF LLC Rule Book 2015-MAR-24 
DW SEF LLC Rule Book Changed Marked 2015-MAR-24 
DW SEF Product Listing: Broad-Market Index Swaps    
DW SEF LLC Rule Book 2015-JAN-16
DW SEF LLC Rule Book Changed Marked 2015-JAN-16 
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
DW SEF LLC Rule Book 2014-JUL-29
DW SEF LLC Rule Book Changes Marked 2014-JUL-29
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
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

SEF Governance for TW SEF

SEF Governance for DW SEF

Disciplinary Action

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