CFTC Approves Tradeweb Swap Execution Facilities

The CFTC announced Monday that it has approved temporary registration of two Tradeweb swap execution facilities (SEFs). 

Tradeweb took the unique approach among SEF applicants of registering two separate SEFs, each operating on a different technology platform.  One offers a disclosed request-based market with an order book and the other offers a separate anonymous central limit order book.  Tradeweb president Billy Hult explained the rationale behind the two-pronged approach:

“By registering SEFs for separate request-based trading and an anonymous central limit order book, our marketplaces can support different customers’ unique strategies and liquidity needs.”

Tradeweb CEO Lee Olesky added:

“Approval of our flexible SEF offerings is a major milestone for Tradeweb and our customers seeking choice in the ways they access liquidity in the evolving derivatives marketplace. As market participants continue to adapt their business to the new regulatory environment under Dodd-Frank, our derivatives platforms will provide institutional investors with the transparency and efficiency they need to trade with confidence.” 

With this announcement, Tradeweb became the second firm to achieve registered SEF status.  To read the full CFTC announcement, please click here.  To read the Tradeweb press release, click here.