Tradition SEF

Tradition SEF is a US-based swap execution facility (SEF) operated by Tradition SEF, LLC, a member of the Tradition group of companies — one of the world's leading interdealer broking (IDB) firms. The platform was created to preserve continuity of the group's derivatives broking services for its client base after Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act required facilities that allow multiple market participants to execute swaps with multiple other participants to register with the US Commodity Futures Trading Commission (CFTC). The CFTC granted Tradition SEF registration as a swap execution facility on January 22, 2016. The venue is described by its operator as a multi-asset class SEF. It operates markets for interest rate swaps, credit swaps, equity derivatives, commodity derivatives, foreign exchange options and non-deliverable forwards (NDFs), covering both cleared and uncleared swaps as markets determine. In addition to its SEF registration, the operator presents itself as a Security-Based Swap Execution Facility (SBSEF), extending its regulatory footprint to security-based swaps. Tradition SEF positions itself as "setting the standard for fully-flexible execution across all asset classes," combining the Tradition group's interdealer broking heritage with electronic execution and request-for-quote style workflows typical of the SEF model. Its client base consists of banks, dealers, hedge funds and other institutional participants in the global derivatives markets, including US persons and counterparties trading with them. The venue has received industry recognition, including being named SEF of the Year at the FOW International Awards in December 2018 and winning the GlobalCapital Americas Derivatives Swap Execution Facility of the Year — CLOB Award in May 2019. The platform publishes onboarding documentation for prospective participants and a daily activity file, reflecting the transparency and reporting obligations that apply to registered swap execution facilities. Tradition SEF operates within a group that, according to its own materials, has a presence in 30 countries with approximately 2,500 employees and provides broking and intermediation services across money market products, bonds, interest rate, currency and credit derivatives and related instruments. The SEF is therefore best understood as the regulated US electronic execution arm of a global interdealer broker, rather than a standalone startup.

Tradition SEF was formed by the Tradition group of companies in response to the regulatory overhaul of the US swaps market under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title VII gave the US Commodity Futures Trading Commission (CFTC) authority over swaps markets (excluding security-based swaps) and required that any person operating a facility offering a trading system or platform on which more than one market participant can execute or trade swaps with more than one other market participant must register the facility as a swap execution facility, subject to the Core Principles and other requirements for SEFs. To ensure continuity of its services to its existing client base, the Tradition group formed Tradition SEF, and the CFTC granted it registration as a swap execution facility on January 22, 2016. The venue was established as a multi-asset class SEF, operating markets for interest rate swaps, credit swaps, equity derivatives, commodity derivatives, foreign exchange options and non-deliverable forwards, in both cleared and uncleared swaps as markets determine. The operator also presents itself as a Security-Based Swap Execution Facility (SBSEF), extending its regulated offering to security-based swaps. Tradition SEF is operated by Tradition SEF, LLC within the Tradition group, which describes itself as one of the world's leading interdealer broking (IDB) firms, with a presence in 30 countries and approximately 2,500 employees, providing broking and intermediation services across money market products, bonds, interest rate, currency and credit derivatives and related products. The SEF thus represents the group's regulated US electronic execution venue, complementing its traditional voice and hybrid broking businesses. The platform gained industry recognition in the late 2010s. On December 5, 2018, TraditionSEF was named SEF of the Year at the FOW International Awards. On May 31, 2019, Tradition won the GlobalCapital Americas Derivatives – Swap Execution Facility of the Year CLOB Award. The venue continues to publish onboarding documentation for prospective participants and a daily activity file, reflecting the transparency and reporting obligations applicable to registered swap execution facilities.

• The CFTC grants Tradition SEF registration as a swap execution facility.

• TraditionSEF is named SEF of the Year at the FOW International Awards.

• Tradition wins the GlobalCapital Americas Derivatives – Swap Execution Facility of the Year CLOB Award.

A CFTC-registered, multi-asset class swap execution facility operated by the Tradition interdealer broking group, offering fully-flexible execution across all major asset classes.

• Interest rate swaps market

  Electronic and hybrid execution of interest rate swaps.

• Credit swaps market

  Execution of credit default swaps and related credit derivatives.

• Equity derivatives market

  Execution of equity-linked swap and derivative products.

• Commodity derivatives market

  Execution of commodity swap and derivative products.

• FX options and NDFs market

  Execution of foreign exchange options and non-deliverable forwards.

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