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Approvals of new swap execution facilities issued by CFTC
In recent announcement, the US Commodities Futures Trading Commission had approved the applications of TruEX Group LLC and IntercontinentalExchange Inc for the operation of swap execution facilities.
The two trading systems would be joining other firms that already received approvals to run these kinds of platforms. Amongst them are Bloomberg LP, MarketAxess Holdings Inc, GFI Group and TeraExchange LLC. One of the latest applicants is the world's largest futures exchange, the CME Group Inc.
The approvals stems from the specific language of the Dodd-Frank Act, whose provisions are designed to govern shift swaps to avoid a recurrence of the 2008 credit crisis. At that time, the unregulated transactions that were negotiated outside of exchanges caused the downfall of the world's economy. Now, a more transparent system of trading in swap execution facilities under the watchful eye of both the CFTC and the US Securities and Exchange Commission is what is being implemented now.