Thomson Reuters, ICAP Gain Temporary SEF Approval

Thomson Reuters' SEF will support trading of foreign exchange (FX) non-deliverable forwards (NDFs) and options.

"The implementation of our SEF is an important milestone for Thomson Reuters and our customers as we work with them as their strategic execution partner to meet their workflow and execution requirements," says Phil Weisberg, global head of FX at Thomson Reuters. "Going forward, as new regulations continue to come into effect around the globe, Thomson Reuters and FXall clients can rest assured that they will be able to continue executing their necessary FX trades in a manner consistent with current workflows and in compliance with all regulatory requirements."

Thomson Reuters SEF is set to start trading on Oct. 2. Registered customers will be able to trade electronically through the same system they use for FX spot, forwards and swaps, money markets and precious metals.

ICAP's SEF will operate markets for interest rate swaps (IRS), credit default swaps (CDS), commodities, equity derivatives and NDFs. Trading protocols include central limit order books (CLOBs), request for quote (RFQ) systems, block trade capabilities and crossings. Participants can access the SEF via ICAP trading applications and application programming interface (API), or independent software vendors.