The Tradetech Daily



Integral’s swap execution facility (ISEF) offers a request-for-quote (RFQ) and order book for the regulated trading of FX non-deliverable forward (NDFs), an offering that combines relationships-driven trading choice and bespoke solutions for OTC derivatives trading. Members can trade against both streaming quotes and resting orders. Users can benefit from a seamless transition between both regulated and unregulated trading of FX instruments.


ISEF enables
businesses to trade FX NDFs on both an RFQ and order book basis. Once the
clearing rules for the FX asset class have been finalised, Integral plans to
submit a made available to trade application for non-deliverable forwards.


Integral SEF has
characteristics and functionality including block trading, pre-trade allocation
and intermediated trading on behalf of another entity. Interested parties are
required to become members of the swap execution facility (SEF) and accept and
abide by the rules and regulations that govern the SEF.


Integral has leveraged existing relationships with
some of the many liquidity providers on its unregulated platform, Integral’s FX
Grid, to provide liquidity for the SEF platform. Since the clearing
requirements for FX NDFs have not yet been finalised, trading on a SEF is not
yet a requirement.


Integral SEF services include, but are not limited
to, post-trade messaging to selected derivatives clearing organisations and
swap data repositories for clearing and reporting purposes.

Future plans

Integral will continue to monitor regulatory developments to ensure ISEF remains both compliant and user-friendly for customers. Integral will also continue its efforts in Europe and Asia to ensure customers will be in a position to continue doing business under upcoming regulations in these geographies.