Pioneers of electronic swap trading
Clear Markets is a leading innovator, developer and operator of electronic marketplaces and trading technologies. The company has extensive experience building and operating electronic trading systems for complex derivatives in the world’s major financial centers.
Our management team includes respected pioneers in the development of the interest rate swap and FX market. Their work has earned them a thorough understanding of the legal and regulatory history of swaps policy, and of the transition from voice to electronic trading.
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N3XT Bank became Clear Markets’ first custodian, integrated directly with the CM Collateralizer®. Collateral stays at the bank, locked in favor of the counterparty, bringing 24/7 US dollar custody to the Collateralizer network.
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Japan’s SBI Group agreed to take a 12% stake in Clear Markets Holdings, Inc.
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The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has approved the application of Clear Markets North America, Inc. (Clear Markets), granting it fully registered status with the CFTC as a Swap Execution Facility (SEF). Clear Markets previously obtained temporary registration status on May 13, 2014.
SEFs are trading facilities that operate under the CFTC’s regulatory oversight for trading and processing swaps. SEFs were authorized to be created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to provide greater pre-trade and post-trade transparency to the swaps market.
Clear Markets is a Delaware corporation and a wholly-owned subsidiary of Clear Markets Holdings, Inc., a Delaware corporation.
Upon review of its application, the CFTC determined that Clear Markets has demonstrated compliance with the Commodity Exchange Act (CEA) and the CFTC’s regulations applicable to SEFs. The terms and conditions applicable to this Order include, among others, that Clear Markets shall 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. Clear Markets also shall comply with all representations and submissions made by it in support of its application for registration as a SEF.
The CFTC issued this Order pursuant to Section 5h of the CEA and CFTC Regulation 37.3(b). Registered SEFs must comply with the core principles in Section 5h of the CEA and any CFTC regulations applicable to them.
Including the Order issued today, there currently are 22 SEFs fully registered with the CFTC.
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Washington, DC — The U.S. Commodity Futures Trading Commission (CFTC) has approved the application of Clear Markets North America, Inc. (CMSEF) for temporary registration as a swap execution facility (SEF). CMSEF is incorporated in the state of Delaware.
A SEF is a category of CFTC registered entity created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to provide greater pre-trade and post-trade transparency to the swaps market. CMSEF will be required, as will all future temporarily and fully registered SEFs, to demonstrate continued compliance with all applicable provisions of the Commodity Exchange Act and Commission regulations, including part 37, and any future regulations, amendments, guidance, and interpretations issued by the Commission.
As a next step, the Commission will undertake a substantive review of CMSEF’s application for full registration.