CFTC Grants TrueEX Exchange Status to Offer Interest-Rate Swaps
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The Commodity Futures Trading Commission granted designated contract market status to trueEX, a swaps exchange founded by Sunil Hirani.
The market, which expects to offer trading in interest-rate swaps in the first quarter, is the first exchange approved after passage of the Dodd-Frank Act in 2010, the CFTC said in a statement today on its website. Hirani, 46, co-founded Creditex Inc., a credit-swaps brokerage he sold to Intercontinental Exchange Inc. in 2008 for $513 million.