1. Home
  2. Products
  3. Swap Execution Facility (SEF)

Swap Execution Facility

Swap Execution Facility (SEF)

Trade FX non-deliverable forwards (NDFs) and options electronically on our Swap Execution Facility (SEF)​ to meet your clearing and reporting obligations mandated by Dodd-Frank.

Why choose our Swap Execution Facility? 

Our Swap Execution Facility (SEF), launched in October 2013, is regulated by the CFTC and received permanent approval status in January 2016. It lets you trade FX non-deliverable forwards (NDFs) and FX options electronically through multibank request-for-streams (RFS) liquidity and an anonymous order book.

With our SEF, customers benefit from a best execution solution that provides an end-to-end workflow, including straight-through processing (STP) and settlement.

Our SEF has been developed to enable you to meet clearing and reporting obligations as mandated by the Dodd-Frank Act (DFA). It features:

  • Multiple Legal Entity Identifiers (LEIs) and Designated Clearing Organisations (DCOs) per entity
  • Entitlements for SEF-authorized accounts and users
  • End-user exemptions
  • Self-clearers and client clearing

Features & benefits

What you get with our Swap Execution Facility

A single platform

One platform for trading FX spot, forwards, swaps, NDFs, and options electronically with SEF and non-SEF execution.

Smooth transition

Ensure a smooth transition in the event NDF clearing becomes mandatory.

Deep liquidity

Access deep liquidity from 40+ providers and 340+ clients.

Streamlined workflow

Straight-through processing, settlement, and post-trade messaging to the DTCC and clearing houses.

Regulated platform

Achieve best execution on a regulated platform that includes compliance, pre-trade price transparency, credit limit checks and reporting.

Granular customer mapping

Uses multiple legal entities (DFA or not) to map DFA entities to DFA clients and non-DFA entities to non-DFA clients.

SEF volumes

Enter a trade date in the field below and click okay to download our SEF trade history for NDFs and Options.