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For Immediate Release
April 03, 2012
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NFA Signs Agreement with Tradition to Provide Regulatory Services to its Swap Execution Facility
April 03, 2012, Chicago and New York - National Futures Association (NFA) and Tradition, the global interdealer broker, today announced that they have entered into a Pre-Launch Services Agreement that paves the way for NFA to perform regulatory services for Tradition'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 Tradition and NFA, to develop, test and launch automated trade practice and surveillance systems, as well as developing procedures and processes necessary for Tradition to fulfill its SEF self-regulatory obligations. Upon the issuance of the Commodity Futures Trading Commission's (CFTC) final SEF rules, NFA and Tradition 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 has proposed to 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 ten 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 Tradition as we enhance our surveillance systems to assist SEFs in meeting their regulatory responsibilities."