NEX Group plc, a financial technology company at the centre of global markets, announces today that its Swap Execution Facility (“SEF”), NEX SEF Limited (“NEX SEF”), went live on 3 July 2017.
NEX SEF received approval from the Commodity Futures Trading Commission (CFTC) in April 2017 and is also authorised and regulated with the Financial Conduct Authority (FCA). Registration with the CFTC and the FCA will allow NEX SEF to service customers and traders from the United States and European Economic Area. NEX SEF has also received exemption from the requirement to be recognised as an exchange from the Ontario Securities Commission (OSC), and is therefore approved for servicing customers in Ontario.
NEX SEF will operate as a Multi-Lateral Trading Facility (MTF) in accordance with MiFID and will comply with MiFID II and MiFIR from 3 January 2018.
NEX SEF will initially allow customers to trade Non-Deliverable Forwards (NDFs) on NEX Markets’ EBS Market platform and will be used to launch additional products and services in the future.
Seth Johnson, CEO of NEX Markets, said: “NEX SEF is instrumental in NEX’s mission to provide trading environments to suit the full range of our customers’ needs. We are pleased to bring NDF trading to NEX SEF and will continue to evolve the platform alongside our customers.”