First Derivatives says it is launching its own swap execution facility (SEF) and has appointed James Sanders as chief compliance officer to oversee the SEFs registration with the Commodity Futures Trading Commission (CFTC).
First Derivatives says it plans to register as a SEF, mandated in Dodd-Frank for swaps trading and clearing, later this year.
Prior to joining First Derivatives, Sanders was chief compliance officer of FXCM, an online currency-trading firm. He has also held various roles at Credit Suisse, law firm Fulbright & Jaworski and the Division of Enforcement of the CFTC.
Sanders will report to the First Derivatives board. He holds a Juris Doctor degree from New York University School of Law.
Our decision to register as a SEF demonstrates our commitment to clients by delivering increased price transparency and liquidity and will further establish our Delta suite of software products and services as market leading solutions in the areas of real-time trading and data management, says Brian Conlon, CEO of First Derivatives.
(CG)