Submits List of Interest Rate Swaps and Credit Default Swaps Indices to the CFTC
Tradeweb Markets, the leading global provider of fixed income and derivatives marketplaces, announced that TW SEF LLC has submitted a self-certification determination for interest rate and credit default swaps to be made available to trade (MAT) to the Commodity Futures Trading Commission (CFTC). The list of swaps includes a range of tenors in interest rate derivatives for U.S. dollars, euros and British pounds and certain CDS indices (CDX and iTraxx).
“As an operator of electronic derivatives markets for more than eight years, Tradeweb is uniquely positioned to help determine the right scope and scale of derivatives instruments to be made available to trade on SEFs,” said Lee Olesky, CEO of Tradeweb Markets. “The derivatives we have submitted to be made available to trade constitute approximately 80 percent of overall standardized swaps volumes based on available market data, and we are confident the industry will make a smooth transition onto SEFs as these swaps begin trading more electronically.”
Tradeweb analyzed years of historical data from the trading activity of more than 350 market participants to develop the right balance of swaps for the MAT submission. The proposed list of swaps effectively addresses six factors identified by the CFTC, including a willing number of diverse market participants, frequent transactions, significant trading volume, relatively consistent bid/ask spreads, and an average number of bids and offers. For more information on the TW SEF MAT determination filed with the CFTC, please refer to the complete submission on the regulatory section of tradeweb.com: http://www.tradeweb.com/About-Us/Disclosures/.
Since launching in 2005, more than $14 trillion in notional volume and over 160,000 trades have been executed on the Tradeweb Markets institutional and inter-dealer derivatives platforms. More than 20 liquidity providers and over 350 institutional customers have traded across Tradeweb derivatives platforms for interest rate and credit default swap indices, accessing liquidity through request-for-quote (RFQ), request-for-market (RFM), click-to-trade (streaming prices) and order book trading protocols. On October 2, 2013, Tradeweb launched TW SEF LLC with a disclosed, request-based market and order book, and an anonymous central limit order book on DW SEF LLC.
