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 $475 trillion traded on TW SEF (as of 3Q24)
- The largest U.S. SEF in 2023 for Interest Rates Swaps*
In line with the Securities and Exchange Commission's Regulation SE, TW SEF LLC will be submitting an application to be registered as a security-based swap execution facility ("SBSEF"). A rulebook, end of day data, and SEC Filings and Notifications will be available soon.
*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 $29 trillion traded since launch (as of 3Q24)
Rulebooks
Swaps Data
CFTC Filing and Notifications for TW SEF
| 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 - 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 |
SEF Governance for TW SEF
SEF Governance for DW SEF
Disciplinary Action
JPMorgan Chase Bank, National Association Summary Notice of Fine 11.16.23
HSBC Bank PLC Summary Notice of Fine 1.2.24
Deutsche Bank Aktiengesellschaft Summary Notice of Fine 3.15.24
Eisler Capital (US) LLC Summary Notice of Fine 3.1.24
Goldman Sachs International Summary Notice of Fine 4.12.24
Citigroup Global Markets Limited Summary Notice of Fine 7.8.24
Citibank National Association London Summary Notice of Fine 8.8.24
Deutsche Bank Aktiengesellschaft Summary Notice of Fine 8.12.24
BNP Paribas Summary Notice of Fine 10.4.24
BlueCrest Capital Management Limited Summary Notice of Fine 10.11.24
