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For Immediate Release
July 12, 2012
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NFA Signs Agreement with Phoenix Partners Group to Provide Regulatory Services to Phoenix's Swap Execution Facility
July 12, 2012, Chicago and New York - National Futures Association (NFA) and Phoenix Partners Group LP today announced that they have entered into an agreement that paves the way for NFA to perform regulatory services for Phoenix's swap execution facility (SEF). Phoenix Partners Group is a New York-based derivatives broker.
Under the Dodd-Frank Act and the rules and regulation promulgated thereunder, SEFs will have surveillance and other regulatory responsibilities. The Commodity Futures Trading Commission (CFTC) has proposed to allow SEFs to contract with a registered futures association, such as NFA, or another registered entity for regulatory services.
The Agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable Phoenix and NFA, to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for Phoenix to fulfill its SEF self-regulatory obligations. Upon the issuance of the CFTC's final SEF rules, NFA and Phoenix anticipate that they will enter into a formal Regulatory Services Agreement.
"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 Phoenix as we enhance our surveillance systems to assist SEFs in meeting their regulatory responsibilities."
"Phoenix has spent the past 18 months preparing to be a SEF, and has been very successful in the launch of its Firebird electronic trading platform, through which we have transacted over half a trillion dollars of North American CDS Index," said Phoenix Partners Group CEO Nicholas Stephan. "The services to be provided by the NFA to our SEF will help to ensure that our vibrant electronic marketplace exceeds all self-regulatory obligations imposed by the CFTC's final SEF rules."
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