TeraExchange
TeraExchange is a multi-asset, multi-currency and multi-protocol SEF. It offers a central limit order book, pre-trade credit checking, an execution management system, direct-to-dealer functionality and other trading tools and analytics. |
Instruments
Currently it offers a central limit order book and
request-for-quote protocols and a patent-pending protocol called ‘directed
orders’, which allows participants to offer liquidity targeted at particular
counterparties.
The firm has not submitted any made available to trade
(MAT) applications and intends to be responsive to all market participants and
to customers in determining what, when or if it submits a MAT application.
Access
Tera can facilitate for any participant with an
futures commission merchant relationship and is an open and flexible platform
allowing customisation for different users.
Liquidity
The firm is in advanced testing and tailored
development for a number of participants from hedge funds to dealers to
inter-dealer brokers and intends to be live imminently.
TeraExchange is actively engaging participants, all of
which will have the opportunity to engage in providing liquidity.
Post-trade
The platform is not a clearing member so it does
not touch margining, but works closely with participants to develop post-trade
allocation tools.
Future plans
The firm intends to be responsive to market
participants as it prepares to offer equity swaps, and other non-cleared
instruments. It will also deliver more cross-asset trading functionality, such
as switches and spreads.