Nex Debuts SEF
Financial technology vendor NEX Group launched its swap execution facility for non-deliverable forwards at on the Monday before the Independence Day holiday, company officials announced today, July 6.
“NEX SEF is instrumental in NEX’s mission to provide trading environments to suit the full range of our customers’ needs,” said Seth Johnson, CEO of NEX Markets. “We are pleased to bring NDF trading to NEX SEF and will continue to evolve the platform alongside our customers.”
The trading venue received approval from the Commodity Futures Trading Commission in April 2017 and is also has been authorized and regulated by the UK’s Financial Conduct Authority (FCA).
Registration with the CFTC and the FCA will allow NEX SEF to service customers and traders from the United States and European Economic Area. NEX SEF has also received an exemption from the requirement to be recognized as an exchange from the Ontario Securities Commission and is therefore approved for servicing customers in the Canadian province of Ontario. NEX SEF will operate as a multi-lateral trading facility in accordance with MiFID and will comply with MiFID II and MiFIR from January 3, 2018.
NEX SEF will initially allow customers to trade non-deliverable forwards on NEX Markets’ EBS Market platform and will be used to launch additional products and services in the future.
This rule provides critically needed regulatory certainty to the global swaps markets.
The firm looks to provide increased granular offerings to manage data.
Platform operator brings bilateral OTC trading onto SW SEF.
FIA report shows a substantial decrease in interest rate swaps trading.
FIA reports January volume transacted on swap execution facilities rose 11.5%.