The US Commodity Futures Trading Commission (CFTC) has granted LedgerX its registration as a swap execution facility (SEF).
An SEF is basically a platform for swap trading that provides pre-trade information (like bid/ask) and a mechanism for executing transactions among traders. The CFTC announced uesterday:
"The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued an Order of Registration to LedgerX LLC (LedgerX), granting it registration status with the CFTC as a Swap Execution Facility (SEF). LedgerX is a limited liability company registered in Delaware with its primary place of business in New York, NY." - CFTC
The CFTC is no stranger to LedgerX as CEO Paul Chao was appointed to the CFTC’s Technology Advisory Committee (TAC) last year in January (2016). This grant solidifies the 2015 CFTC decision to grant LedgerX a temporary approval to operate as a SEF in 2015.
LedgerX, which tags itself as a "An Institutional Trading and Clearing Platform",must now focus on adhering to its submissions in support of its application.
"LedgerX also must comply with all representations and submissions made by it in support of its application for registration as a SEF, including, but not limited to, its representations that it will not list an intended to be cleared swap until it has a clearing agreement with a derivatives clearing organization registered under Section 5b of the CEA and it will not list a swap that is not intended to be cleared until it submits to the CFTC revisions of its rulebook and other pertinent registration materials, pursuant to the provisions of Part 40 of the CFTC’s regulations, to provide for the execution of uncleared swaps."
You can read the entire announcement on the CFTC's website.
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CFTC is very reliable team, so I am sure that their research will be truthful and helpful. I am very happy to hear this news. Thank you.
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