Thomson Reuters Files SEF Application

SEFs are the first large-scale examples of the new derivatives execution landscape in a developed market.

Thomson Reuters has filed an application with the US Commodity Futures Trading Commission (CFTC) to register as a swap execution facility (SEF).

The information provider, which acquired foreign exchange (FX) trading platform FXall last year, will offer trading in instruments eligible for central clearing, such as non-deliverable forwards (NDFs), and others.

"Thomson Reuters today confirms that it has filed its swap execution facility (SEF) application with the CFTC," says the company in a short media alert. "Subject to approval, the Thomson Reuters SEF will provide a consistent workflow for trading regulated and unregulated FX products."

SEFs are part of wider reforms in the over-the-counter (OTC) derivatives market, as part of the Dodd-Frank Act and Group-of-20 mandates, which are aiming to force standardized contracts onto electronic exchanges and a centrally cleared basis. A number of firms have filed applications with the CFTC since it finalized its rules regarding SEF operations earlier this year, with some having received temporary approval ahead of general compliance.

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