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Bloomberg Receives Swap Execution Facility Approval

July 31, 2013

NEW YORK — Bloomberg announced today that its affiliate
Bloomberg SEF LLC has received temporary registration approval
from the Commodity Futures Trading Commission (CFTC) to operate
a multi-asset class swap execution facility (SEF). Bloomberg’s
SEF will open for trading when Dodd-Frank derivative compliance
mandates take effect later this year.

Bloomberg’s SEF will offer deep, cross‐asset liquidity to
Bloomberg Professional service subscribers. To provide clients a
complete, efficient solution, Bloomberg’s SEF will support
request‐for‐quote and order book functionality for interest rate
swaps, credit default swaps, and foreign exchange and commodity
derivatives trading. Bloomberg was first to submit its SEF
application to the CFTC on June 4th.

“The implementation of SEFs is one of the more meaningful ways
the Dodd-Frank reforms have sought to increase transparency and
standardization in the swaps market,” said Ben Macdonald,
Bloomberg’s Global Head of Product and President of Bloomberg
SEF LLC. “As one of the largest independent swaps trading
platforms, operating a SEF for our clients is a logical
progression for Bloomberg. While clients can continue to execute
on our traditional derivative platforms until the CFTC’s
mandatory compliance deadline, receiving approval ensures our
readiness to provide them with everything they need to begin SEF
trading on October 2nd.”

More than 1,000 global firms currently use Bloomberg’s
electronic platforms for derivatives trading. The SEF will build
on Bloomberg’s existing trading infrastructure, including ALLQ,
BBTI and FXGO, with the addition of an order book, as mandated
by Dodd-Frank regulation. Dealers intending to participate on
Bloomberg’s SEF platform include Barclays, BNP Paribas, BofA
Merrill Lynch, Citigroup, Crédit Agricole CIB, Credit Suisse,
Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Nomura, RBS,
Société Générale, UBS and Wells Fargo Securities.

Bloomberg also provides its clients with straight-through
processing, pre-trade credit check functionality and direct
connectivity to central counterparties (CCPs). Over 200
institutional clients already use Bloomberg’s clearing channels
to clear their swap trades with CME Clearing, Ice Clear Credit
and LCH.Clearnet.

For more information about Bloomberg’s SEF, subscribers can type
SEF on the Bloomberg Professional service. Clients and prospects
can get more details by contacting the following sales

-For fixed income trading – Jeffrey Missimer at 212-617-2236 or or Joseph Guarino at 212-617-4344 or

-For foreign exchange and commodities trading – Phillip Cunn at
212-617-5136 or

About Bloomberg

Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge
by connecting them to a dynamic network of information, people
and ideas. The company’s strength – delivering data, news and
analytics through innovative technology, quickly and accurately
– is at the core of the Bloomberg Professional service, which
provides real time financial information to more than 315,000
subscribers globally. For more information, visit

The Bloomberg Professional service is owned and distributed by
Bloomberg Finance L.P.

Media Contacts

US – Sabrina Briefel, 212-617-1993,

EMEA – Natalie Harland, 44-20-3525-8820,

APAC – Debbie Liew, 65-6212-1166,