MarketAxess gears-up for regulatory reforms
Uncertainty surrounding the proposed Dodd Frank reforms has made it increasingly necessary to work with the regulators when developing electronic trading systems.
Market calls for greater regulatory clarity appear to be working, however, with the Commodity Futures Trading Commission set to hold the final round of rule reviews on July 19.
Speaking ahead of the meeting, CFTC Chairman Gary Gensler said that the regulator has been working with the Securities and Exchange Commission to ‘ensure swaps no longer operate in the shadows’.
The operator of one such electronic platform, MarketAxess, plans to apply to both the SEC and the CFTC to become a swaps execution facility (SEF).
Speaking to FOi, Jim Rucker, chief operations, credit and risk officer for MarketAxess, explained the importance of ensuring the trading technology meets the anticipated regulatory requirements,
In addition to working closely with both regulators to upgrade...