Notice of Commission Order – Application for Variation to Trade in Security-Based Swaps and for Exemption from the Marketplace Rules – GFI Swaps Exchange LLC, ICE Swap Trade, LLC, tpSEF Inc. and TW SEF LLC

The Commission previously issued orders pursuant to section 147 of the Securities Act (Ontario) (the Act) exempting each Applicant from the requirement to be recognized as an exchange under subsection 21(1) of the Act (each an Exemption Order; and collectively, the Exemption Orders) in relation to each Applicant’s operation of a swap execution facility (SEF) which is subject to the supervision of the United States Commodity Futures Trading Commission (CFTC).

On January 29, 2025, each Applicant obtained registration with the United States Securities and Exchange Commission (SEC) to operate a security-based swap execution facilities (SBSEF), following which each Applicant proposes to provide direct access to participants in Ontario to trade in security-based swaps (SBS), pursuant to its SBSEF registration with the SEC.

On May 29, 2025, the Commission issued an order (the Order) varying each Applicant’s Exemption Order that allows each Applicant to provide direct access to participants in Ontario to trade in SBS, subject to additional terms and conditions under a new Schedule “B”. These terms and conditions will enable Staff of the Commission to oversee each Applicant’s SBS-related activities under its SBSEF registration with the SEC. These terms and conditions are similar to those in Schedule “A” of each Applicant’s Exemption Order, which currently govern swap trades under its SEF registration with the CFTC.

A copy of the Order is published in Chapter B.2 of the OSC Bulletin published on June 5, 2025.