Bloomberg has always believed in fostering a more transparent, efficient financial marketplace. As a result, we have provided any eligible market participant with access to our derivative trading platforms for over a decade.
Impartial access has applied to our swap execution facility (SEF) since its launch in October. So long as participants have a clearing relationship at one of the supported clearinghouses, they are able to both seek or provide liquidity via Bloomberg SEF LLC.
Bloomberg’s SEF has always adhered to the rules set forth by the Commodity Futures Trading Commission (CFTC) and will continue to do so. Thus, when the CFTC recently issued a no-action letter that granted relief to market participants from external business conduct rules for cleared swaps, we promptly updated our platform to remain in full compliance.
Bloomberg was the first firm to seek and first to receive CFTC approval to operate a SEF. Since launching on October 2nd, more than $500 billion in cross-asset volume has been executed on Bloomberg’s SEF.
To date, we are pleased with the roll out and market receptivity to our SEF. More importantly, we remain committed to furthering the objectives of Dodd-Frank by providing more transparency and efficiency in the financial markets.
To learn more about Bloomberg’s SEF, click here.