{"id":4675,"date":"2013-07-31T08:37:37","date_gmt":"2013-07-31T08:37:37","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-receives-swap-execution-facility-approval\/"},"modified":"2013-07-31T08:37:37","modified_gmt":"2013-07-31T08:37:37","slug":"bloomberg-receives-swap-execution-facility-approval","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/bloomberg-receives-swap-execution-facility-approval\/","title":{"rendered":"Bloomberg Receives Swap Execution Facility Approval"},"content":{"rendered":"
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\n \n
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NEW YORK — Bloomberg<\/a> announced today that its affiliate
\nBloomberg SEF LLC has received temporary registration approval
\nfrom the Commodity Futures Trading Commission (CFTC) to operate
\na multi-asset class swap execution facility (SEF). Bloomberg\u2019s
\nSEF will open for trading when Dodd-Frank derivative compliance
\nmandates take effect later this year. <\/p>\n

Bloomberg\u2019s SEF will offer deep, cross\u2010asset liquidity to
\nBloomberg Professional service<\/a> subscribers. To provide clients a
\ncomplete, efficient solution, Bloomberg\u2019s SEF will support
\nrequest\u2010for\u2010quote and order book functionality for interest rate
\nswaps, credit default swaps, and foreign exchange and commodity
\nderivatives trading. Bloomberg was first<\/a> to submit its SEF
\napplication to the CFTC on June 4th. <\/p>\n

\u201cThe implementation of SEFs is one of the more meaningful ways
\nthe Dodd-Frank reforms have sought to increase transparency and
\nstandardization in the swaps market,\u201d said Ben Macdonald,
\nBloomberg\u2019s Global Head of Product and President of Bloomberg
\nSEF LLC. \u201cAs one of the largest independent swaps trading
\nplatforms, operating a SEF for our clients is a logical
\nprogression for Bloomberg. While clients can continue to execute
\non our traditional derivative platforms until the CFTC\u2019s
\nmandatory compliance deadline, receiving approval ensures our
\nreadiness to provide them with everything they need to begin SEF
\ntrading on October 2nd.\u201d <\/p>\n

More than 1,000 global firms currently use Bloomberg\u2019s
\nelectronic platforms<\/a> for derivatives trading. The SEF will build
\non Bloomberg\u2019s existing trading infrastructure, including ALLQ,
\nBBTI and FXGO, with the addition of an order book, as mandated
\nby Dodd-Frank regulation. Dealers intending to participate on
\nBloomberg\u2019s SEF platform include Barclays, BNP Paribas, BofA
\nMerrill Lynch, Citigroup, Cr\u00e9dit Agricole CIB, Credit Suisse,
\nDeutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Nomura, RBS,
\nSoci\u00e9t\u00e9 G\u00e9n\u00e9rale, UBS and Wells Fargo Securities. <\/p>\n

Bloomberg also provides its clients with straight-through
\nprocessing, pre-trade credit check functionality and direct
\nconnectivity to central counterparties (CCPs). Over 200
\ninstitutional clients already use Bloomberg\u2019s clearing channels
\nto clear their swap trades with CME Clearing, Ice Clear Credit
\nand LCH.Clearnet. <\/p>\n

For more information about Bloomberg\u2019s SEF, subscribers can type
\nSEF on the Bloomberg Professional service. Clients and prospects
\ncan get more details by contacting the following sales
\nexecutives: <\/p>\n

-For fixed income trading – Jeffrey Missimer at 212-617-2236 or
\njmissimer@bloomberg.net<\/a> or Joseph Guarino at 212-617-4344 or
\njguarino@bloomberg.net<\/a> <\/p>\n

-For foreign exchange and commodities trading – Phillip Cunn at
\n212-617-5136 or pcunn@bloomberg.net<\/a> <\/p>\n

About Bloomberg <\/p>\n

Bloomberg, the global business and financial information and
\nnews leader, gives influential decision makers a critical edge
\nby connecting them to a dynamic network of information, people
\nand ideas. The company\u2019s strength – delivering data, news and
\nanalytics through innovative technology, quickly and accurately
\n– is at the core of the Bloomberg Professional service, which
\nprovides real time financial information to more than 315,000
\nsubscribers globally. For more information, visit
\nwww.bloomberg.com<\/a>. <\/p>\n

The Bloomberg Professional service is owned and distributed by
\nBloomberg Finance L.P. <\/p>\n

Media Contacts <\/p>\n

US – Sabrina Briefel, 212-617-1993, sbriefel@bloomberg.net<\/a> <\/p>\n

EMEA – Natalie Harland, 44-20-3525-8820, nharland1@bloomberg.net<\/a> <\/p>\n

APAC – Debbie Liew, 65-6212-1166, dliew2@bloomberg.net<\/a>\n <\/p>\n<\/p>\n<\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

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