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For Immediate Release
June 18, 2013
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NFA Signs Agreement with TeraExchange to Provide Regulatory Services to its Swap Execution Facility
June 18, 2013, Chicago and New Jersey - National Futures Association (NFA) and TeraExchange today announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for TeraExchange's swap execution facility (SEF).
The agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable TeraExchange and NFA, to develop, test and launch automated trade practice and surveillance systems, and also to develop procedures and processes necessary for TeraExchange to fulfill its SEF self-regulatory obligations. NFA and TeraExchange anticipate that they will enter into a formal Regulatory Services Agreement.
Under the Dodd-Frank Act and the rules and regulation promulgated thereunder, SEFs will have surveillance and other regulatory responsibilities. The CFTC's final rules allow SEFs to contract with a registered futures association, such as NFA, or another registered entity for regulatory services.
"This is a significant step forward as we engage in new regulatory activity on behalf of SEFs. For over 10 years, NFA has been successfully performing trade practice and market surveillance functions on behalf of futures exchanges," said NFA President Daniel J. Roth. "We look forward to working with TeraExchange as we enhance our surveillance systems to assist SEFs in meeting their regulatory responsibilities."
"We are pleased to be working with the outstanding team at NFA to build a platform for market participants with best-in-class governance and compliance controls," said Christian Martin, CEO of TeraExchange. "It is core to our mission to deliver the best swap trading venue for the long-haul. With our NFA partnership in place, we know market participants will feel secure trading swaps on Tera again and again."