SuperDerivatives, the cloud-based financial information, derivatives technology and trade execution provider, has filed an application with the US Commodity Futures Trading Commission (CFTC) to become a fully registered Swap Execution Facility (SEF).
In line with the regulations being introduced as part of the Dodd-Frank act in the US, SuperDerivatives has developed SDX Trading, a suite of SEF-compliant electronic trading solutions for currency and commodity derivatives. The company will now await a temporary registration from the CFTC and then move through the full registration process in due course. Commenting on the next steps, David Collins, who is named as CEO of SDX Trading as part of the application, said: “We will, of course, cooperate with the CFTC in processing our application but we will also look to progress our trading ambitions. This is the start of a new dimension to SuperDerivatives’ services and we have plans to roll out new functions and capabilities in the near future.”
SDX Trading will offer the choice of anonymous or disclosed trading, and all products will be eligible for clearing via a CCP where possible. Together with its front office platform, SDX, and its risk management system, RMX, SuperDerivatives now offers a comprehensive and consistent workflow for trading FX and commodity products in a regulated electronic market.
SDX Trading will become a subsidiary of SuperDerivatives, and will be led by David Collins, formerly head of Strategic Solutions at the firm. Dr. David Gershon, founder and CEO of SuperDerivatives, and Lewis Ranieri will serve on its board of directors.
David Collins, CEO, SDX Trading, comments: “For over a decade SuperDerivatives has been providing OTC derivatives market participants with the technology and expertise to improve transparency and set best practice in their trading and hedging operations. The regulations being introduced as part of the Dodd-Frank act in the US have enabled us to draw on this experience and develop SDX Trading.”
Other SEF applicants are 360 Trading Networks, BGC Derivatives Markets, Bloomberg SEF, Chicago Mercantile Exchange, DW SEF, GFI Swaps Exchange, ICAP, ICE Swap Trade SEF, INFX SEF, Javelin SEF, LatAm SEF, MarketAxess SEF, SwapEx, TeraExchange, Thomson Reuters (SEF), tpSEF, Tradition SEF, trueEx and TW SEF.
SDX Trading Files SEF Application With CFTC and Names CEO
CEO David Collins said SDX Trading will cooperate with the CFTC in processing the company's application while looking to progress its trading ambitions.
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