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Tradeweb TW SEF Introduces Agency Access with First OBO Swap Trade

| Tradeweb

Tradeweb has completed the first fully-electronic, swap trade by a Futures Commission Merchant (FCM) “On Behalf Of” (OBO) a U.S.-based client on a swap execution facility (SEF). Credit Suisse successfully executed a five-year High Yield credit default index swap on behalf of an asset manager on TW SEF, which was cleared though ICE Clear Credit. 

Tradeweb enabled agency access to TW SEF to provide market participants with a flexible means to execute derivatives trades electronically. This allows customers to choose the ways they access liquidity in a compliant, efficient workflow. For example:

  • OBO swap trading allows an introducing agent to execute trades directly on a SEF on behalf of their clients using the TW SEF interface (GUI). The customer is disclosed to market participants that receive the request for quote (RFQ), and the introducing agent expresses the client’s instructions in all of the interactions on the SEF. 
  • Direct Market Access (DMA) is a different model where the introducing agent does not transact on behalf of clients, but supports their access to the SEF GUI to enter RFQs and order directly on the SEF. 
  • Tradeweb will also soon support agency access through Independent Software Vendors, or ISVs, where customers gain indirect access to a SEF through an embedded SEF GUI or front-end portal provided by the ISV and/or introducing agent.   

For additional information and insight, please refer to the news release online, or click here to contact us.