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Tradeweb Joins Bloomberg as the only granted SEFs, although several other applications are in process.
The CFTC has announced the granting of an SEF license to Tradeweb Global (which actually received two separate licenses), making Tradeweb the second company, after Bloomberg, to successfully receive the designation.
SEFs are the new trading venues mandated under the Dodd-Frank financial reform act. Trading derivatives on transparent platforms, with counterparty risk dealt with via a clearing house, was a key aim of regulators in the wake of the financial crisis. The creation of SEFs is seen as part of reforming the over-the-counter derivatives market, without forcing activity onto exchanges.
The CFTC is expected shortly to approve other SEF applications, including MarketAxess, State Street, Integral, and interdealer broker GFI.
For the CFTC press release on the Tradeweb license click here.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.