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Screenshot of a breaking news alert e-mail from Q2 2017
The U.S. Commodity Futures Trading Commission (CFTC) announced that it has issued an Order of Registration to LedgerX LLC, granting it registration status with the CFTC as a Swap Execution Facility (SEF).
LedgerX is a limited liability company registered in Delaware with its primary place of business in New York, NY.
CFTC has approved the application of LedgerX LLC for temporary registration as a swap execution facility (SEF) two years ago.
SEFs are platforms that operate under the CFTC’s regulatory oversight for the trading of swaps. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Act) authorized the creation of SEFs.
The CFTC issued the Order under Section 5h of the Commodity Exchange Act (CEA) and CFTC Regulation 37.3(b). After review of the LedgerX application and associated exhibits, the CFTC has determined that LedgerX demonstrated compliance with the CEA and the CFTC’s regulations applicable to SEFs. The terms and conditions of the Order require, among other things, that LedgerX comply with all provisions of the CEA and all requirements in the CFTC’s regulations, as may be amended or adopted from time to time, that are applicable to SEFs.
LedgerX also must comply with all representations and submissions made by it in support of its application for registration as a SEF, including, but not limited to, its representations that it will not list an intended to be cleared swap until it has a clearing agreement with a derivatives clearing organization registered under Section 5b of the CEA and it will not list a swap that is not intended to be cleared until it submits to the CFTC revisions of its rulebook and other pertinent registration materials, pursuant to the provisions of Part 40 of the CFTC’s regulations, to provide for the execution of uncleared swaps.
With this Order, there now are 25 SEFs registered with the CFTC.