MarketAxess moves nearer to SEF
MarketAxess has moved forward with plans for a swap execution facility.
MarketAxess Holdings announced an agreement with the National Futures Association (NFA) to exchange information and develop SEF self-regulatory obligations.
The deal will enable MarketAxess and NFA to develop, test and launch automated trade practice and surveillance systems.
According to the rules and regulations under the Dodd-Frank Act, as currently understood, SEFs will have surveillance and other regulatory responsibilities. The CFTC has proposed to allow SEFs to contract with a registered futures association, such as NFA, or another registered entity for regulatory services.
"This is a significant step forward as we engage in new regulatory activity on behalf of SEFs. For over...