Agreement includes technology standards to meet self-regulatory obligations.
Global interdealer broker Tradition has announced it has agreed a pre-launch services agreement with the National Futures Association (NFA) to provide regulatory services for Tradition’s new swap execution facility.
The framework established in the agreement provides for information exchange and technology standards that will facilitate the development of automated trade practice and surveillance systems, and procedures required of Tradition to meet self-regulatory requirements.
The agreement will be formalized upon final rules issuance regarding SEFs by the Commodity Futures Trading Commission.
"This is a significant step forward as we engage in new regulatory activity on behalf of SEFs. For over 10 years, NFA has been successfully performing trade practice and market surveillance functions on behalf of futures exchanges. We look forward to working with Tradition as we enhance our surveillance systems to assist SEFs in meeting their regulatory responsibilities," says NFA president Daniel Roth.
This is the second such agreement for the NFA in as many months; a similar preliminary deal was reached with Icap in March.
More from Sell Side Technology
Updating your subscription status
Work with us on your Integrated Marketing Campaigns
WatersTechnology offers a full range of custom research, surveys, webcasts, video and whitepapers for firms looking to demonstrate thought-leadership through their marketing campaigns and generate sales leads.
A fast, flexible and reliable investment decision-making process must be based on access to accurate and consistent information throughout an organization....
We have truly entered the Age of Bring Your Own Device, or BYOD. And as with every new era fuelled by innovation, the new challenges are screaming for...