Tradeweb has launched two SEFs: TW SEF, which offers a disclosed request-based market with an order book; and DW SEF which offers a separate anonymous central limit order book.
Market participants can trade interest rate swaps
and credit default swap indices on Tradeweb SEFs using a range of protocols,
Click-to-trade (Streaming Prices)
Sales entry tickets (voice confirmation and
An anonymous central limit order book
Tradeweb’s TW SEF submitted a made available to
trade application to the Commodity Futures Trading Commission which included a
range of tenors in interest rate derivatives for US dollars, euros and pounds
sterling, and certain CDX and iTraxx indices.
All futures commission merchants and derivatives
clearing organisations are accessible through Tradeweb SEFs.
The firm currently has more than 150 market
participants registered for SEF trading on TW SEF and DW SEF.
Combined notional volume for rates and credit derivatives
on the platforms is more than US$65 billion from October 2 to the end of
Tradeweb is connected to a range of more than 35
trade processing partners, including, but not limited to the following key
areas: 13 FCMs via Credit Link for pre-trade credit checking; clearing houses
LCH.Clearnet, CME and ICE Clear and affirmation vendors MarkitSERV.
As the trading mandate for swaps in the US comes into effect in 2014, the firm anticipates SEF volumes will continue to grow and it will work with customers on future advances to functionality.