TrueEX Files Application With CFTC to Offer Rates-Swaps Trading
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TrueEX Group LLC filed an application to offer the most-active interest-rate swaps on its exchange platform, joining another firm in an action that may hasten the migration of derivatives to public markets.
The step is part of a process that eventually will move trillions of dollars of derivatives to government-mandated platforms under the Dodd Frank Act. While swap execution facilities were required by the Commodity Futures Trading Commission to be ready for business by Oct. 1, trading on them is voluntary. Once approval is granted for an application such as trueEX’s, swap users will be forced to buy or sell contracts on the new systems.