Swap Execution Facilities and Multilateral Trading Facilities
Swap execution facilities (SEFs) are a type of marketplace for trading swaps in the United States. They are governed by the Dodd-Frank Act and rules of the United States Commodity Futures Trading Commission. Multilateral Trading Facilities (MTFs) are a type of marketplace for trading over-the-counter derivatives and other products in the European Union. They are governed by the Markets in Financial Instruments Directive (MiFID II) and other EU and local rules.
Because SEFs and MTFs have self-regulatory responsibilities, they are considered “exchanges” under Ontario securities law. If a SEF or MTF provides access to Ontario participants, it is considered to be carrying on business in Ontario and must be recognized as an exchange or obtain an exemption from recognition.
The Commission has exempted the following SEFs and MTFs from the requirement to be recognized as an exchange, subject to the terms and conditions set out in each order:
- 360 Treasury Systems AG MTF
- 360 Trading Networks Inc.
- BGC Derivatives Markets, L.P.
- Bloomberg SEF LLC
- Bloomberg Tradebook Singapore Pte Ltd.
- Bloomberg Trading Facility Limited
- Bloomberg Trading Facility B.V.
- BrokerTec Europe Limited
- Cboe SEF, LLC (formerly Javelin SEF LLC)
- CME Amsterdam B.V.
- Currenex MTF – revoked
- DW SEF LLC
- FX Connect Multilateral Trading Facility
- GFI Swaps Exchange LLC
- ICAP Global Derivatives Limited
- ICAP SEF (US) LLC – revoked
- ICE Swap Trade LLC
- LatAm SEF, LLC
- MarketAxess SEF Corporation – revoked
- NEX SEF Limited
- Refinitiv Multilateral Trading Facility (formerly Thomson Reuters Multilateral Trading Facility)
- Refinitiv US SEF LLC (formerly Thomson Reuters (SEF) LLC)
- Refinitiv Transaction Services Pte. Ltd
- SwapEx, LLC
- tpSEF Inc.
- Tradition SEF Inc.
- trueEX LLC – revoked
- TW SEF LLC