Tradeweb Applies to be a Swap Execution Facility with CFTC
Provides Flexible Marketplaces for Efficient, Electronic Derivatives Trading
NEW YORK, NY (July 3, 2013) – Tradeweb Markets, the leading global provider of fixed income and derivatives marketplaces, announced two wholly-owned subsidiaries that have applied for temporary registration with the U.S. Commodity Futures Trading Commission (CFTC) as Swap Execution Facilities (SEFs) in support of new derivatives trading regulations under Dodd-Frank.
To provide market participants with the greatest flexibility to trade interest rate swaps and credit default swap indices, the newly regulated marketplaces will operate on different technology platforms, offering a disclosed request-based market with an order book on one SEF, and a separate anonymous central limit order book through the other.
“Though SEF registration is a major step forward for the industry, the growing adoption of electronic trading of derivatives on Tradeweb has been a natural evolution for us since 2005,” said Lee Olesky, CEO of Tradeweb Markets. “We continue to see strong growth across our derivatives platforms, and Tradeweb remains committed to improving transparency and access to liquidity through flexible trading architecture and more efficient workflows.”
“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,” said Billy Hult, President of Tradeweb Markets. “As more market participants begin clearing and executing derivatives trades electronically under Dodd-Frank, Tradeweb customers will continue to benefit from increased efficiency across flexible, electronic markets.”
Since launching in 2005, the Tradeweb derivatives platform has executed more than $13 trillion in notional volume and over 145,000 trades. More than 20 liquidity providers and over 300 institutional clients currently participate across Tradeweb derivatives platforms for interest rate and credit default swap indices, accessing liquidity through request-for-quote (RFQ), request-for-market (RFM), click-to-trade (streaming prices) and order book trading protocols.
About Tradeweb Markets
Tradeweb Markets builds and operates many of the world’s most efficient financial marketplaces, providing market participants with greater transparency and efficiency in fixed income and derivatives. Focused on applying technology to enhance efficiency throughout the trade lifecycle, Tradeweb pioneered straight-through-processing in fixed income and now supports marketplaces for over 20 asset classes with electronic execution, processing, post-trade analysis and market data in an integrated workflow. Customers rely on Tradeweb to drive the evolution of fixed income and derivatives through flexible trading architecture and more efficient, transparent markets.