BGC Derivative Markets, a subsidiary of BGC Partners, has received temporary registration approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate a Swap Execution Facility (SEF).
BGC plans to offer trading of regulated swaps from 2 October2 onwards, consistent with the derivatives trading regulations under the Dodd-Frank Act.
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Capitalizing on its billion dollar-plus investment in its technology platform, BGC will provide swap market participants with flexible, tailored approaches to electronic execution and clearing of derivatives trades.
BGC’s technology infrastructure includes fully-compliant execution methodologies such as anonymous Central Limit Order Book (CLOB), name disclosed Request for Quote (RFQ) system, Intra-day Electronic Auctions, Indications of Interest, and Voice Managed Orders for Blocks and Non-Blocks.
Market participants will be able to utilize BGC’s platform to segregate US person/non-US person transactions on both a graphical user interface (GUI) and application programming interface (API) via instrument choice and contra-counterparty filtering.
Shaun D Lynn, president of BGC, said: "Receiving CFTC approval to operate a SEF marks the next chapter for our company and our clients, and is a positive step forward for the marketplace. BGC has utilized the strength of its proprietary technology and is fully prepared for a new era of derivatives transactions. We are excited to offer clients deeper access to liquidity, as well as increased transparency in the clearing and execution of derivatives trading."
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By GlobalDataBGC expects to leverage its longstanding, demonstrated expertise in running electronic marketplaces and exchanges to benefit market participants.
