Tradeweb Completes First Swap Trade by an FCM on Behalf of a Client
In an OBO swap transaction, an introducing agent executes trades directly on a SEF on behalf of their clients using the TW SEF interface. The customer is disclosed to the participants that receive a request for quote (RFQ), and the introducing agent expresses the client's instructions in all of the interaction on the SEF. For DMA trades on TW SEF, the introducing agent does not transact on behalf of customers, but supports clients' access to the SEF GUI to enter RFQs and orders through electronic access to the SEF.
Tradeweb recently enabled agency access to TW SEF, providing market participants with sponsored access to liquidity in derivatives. In addition to OBO trading on TW SEF, customers may also gain direct market access (DMA) supported by an introducing agent on TW SEF, with connectivity to independent software vendors (ISVs) scheduled to go live in the coming months.
"The execution of this first ‘on behalf of' transaction demonstrates the important progress in providing clients effective means to achieve compliance with impending regulatory mandates, and we are pleased to partner with Tradeweb to deliver this service," says John Dabbs, managing director at Credit Suisse's US FCM group.
Tradeweb will soon also support agency access to TW SEF through ISVs. In this model, customers gain indirect access to a SEF through an embedded SEF GUI or front-end portal provided by the ISV and/or introducing agent.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Waters Wrap: Quants, CDOs, and the blending of job titles
Anthony explains how a quant at a massive bank taking on the CDO title hints at larger industry changes.
Nasdaq to market new options strike listing tech to other exchanges
The exchange operator is experimenting with emerging technologies to determine which options strike prices belong in a crowded market, with hopes to sell the tech to its peers.
The IMD Wrap: Talk about ‘live’ data, NAFIS 2024 is here
This year’s North American Financial Information Summit takes place this week, with an expanded agenda. Max highlights some of the must-attend sessions and new topics. But first, a history lesson...
MarketAxess builds strategy around X-Pro
MarketAxess profits were down in Q1, but revenues were up and automation volume hit a record $94 billion.
Canada’s triparty repo launch aims to fill C$60bn void
Test trades on TMX/Clearstream platform represent “quantum leap” for creaking funding markets.
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Bank-led consortium takes aim at position reporting
Five banks, including Barclays, BNP Paribas, Goldman Sachs and HSBC, have joined forces to mitigate interpretation and implementation errors in position reporting disclosures.
This Week: BBH, AllianceBernstein add data solutions, Deutsche Börse-Nodal Exchange, and more
A summary of some of the latest financial technology news.