CFTC grants registration to NEX SEF Limited
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued an Order of Registration to NEX SEF Limited (NEX SEF), of London, England, granting it registration status with the CFTC as a Swap Execution Facility (SEF). NEX SEF is a private limited company, incorporated in the United Kingdom and a wholly-owned subsidiary of NEX Group plc, headquartered also in London.
SEFs are platforms that operate under the CFTC’s regulatory oversight for the trading of swaps. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized the creation of SEFs.
The CFTC issued the Order under Section 5h of the Commodity Exchange Act (CEA) and CFTC Regulation 37.3(b). After review of its application and associated exhibits, the CFTC has determined that NEX SEF demonstrated compliance with the CEA and the CFTC’s regulations applicable to SEFs. The terms and conditions of the Order require, among other things, that NEX SEF comply with all provisions of the CEA and all requirements in the CFTC’s regulations, as may be amended or adopted from time to time, that are applicable to SEFs. NEX SEF also must comply with all representations and submissions made by it in support of its application for registration as a SEF.
With this Order, there now are 24 SEFs registered with the CFTC.