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Editor’s Note: Why is this post even listed for us to consider? Because the world of “high” finance is so incredibly complex, that ALL nations must agree on a new type of “trading platform” in order for a new Financial System (QFS, anyone?) to function. So…please read on below, KNOW that international finance is NOT just “balancing the checkbook, welcome new platforms established for the coming flow of personal abundance, and then BE in…
Quantum Joy!
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Because of the complex nature of swaps, these platforms are not exchanges per se but they do function as a counterparty matching service.
The Commodity Futures Trading Commission has issued an Order of Registration to RTX Fintech & Research LLC (RTX SEF) granting it registration as a swap execution facility (SEF).
A Swap Execution Facility (SEF) is a trading platform that enables many participants to execute or trade swaps in a regulated and transparent manner. SEFs are mandated under the Dodd-Frank Wall Street Reform Act of 2010.
The Dodd-Frank Act defined a SEF as “a facility, trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system, through any means of interstate commerce.”
Because of the complex nature of swaps, these platforms are not exchanges per se but they do function as a counterparty matching service.
RTX will offer electronic and voice order books
RTX, a single-member limited liability company registered in Delaware and headquartered in New York City, has demonstrated its ability to comply with the CEA provisions and CFTC regulations applicable to SEFs, according to the regulator.
With the addition of RTX SEF, there will be 24 SEFs registered with the CFTC, including: TeraExchange, SpectreAxe, MarketAxess, AEGIS, Seed SEF, iSwap Euro B.V., Tassat Derivatives, ICAP, GTX, LedgerX, NEX, Clear Markets North America, FTSEF, tpSEF, 360 Trading Networks, BGC Derivatives Markets, Refinitiv US, DW, TW, Tradition, CME, Bloomberg, ICAP Global Derivatives, GFI Swaps Exchange, LatAM SEF, SwapEx, Cboe SEF, ICE, SDX Trading, INFX, and EOX Exchange.
According to its submission, RTX SEF will offer electronic and voice order books and require and facilitate clearing of all swaps executed on or pursuant to the rules of its platform, including all permitted transactions as defined in Commission Regulation 37.9(c)(1), 17 C.F.R. § 37.9(c)(1).
RTX SEF will also be responsible for conducting its own market surveillance, utilizing various in-house and external tools to monitor trading activity in real-time and on a trade date plus one basis and to enforce its trading rules.
The new Swap Execution Facility will conduct its own regulatory reporting and recordkeeping, investigations and disciplinary actions, and arbitration hearings involving RTX SEF market participants; and it will monitor members’ compliance with RTX SEF’s minimum financial standards, as required under Commission Regulation 37.702, 17 C.F.R. § 37.702.
Rose Rambles... 