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Swap Execution Facility

Refinitiv SEF

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

Why choose Refinitiv SEF? 

Our swap execution facility (SEF) is regulated by the US Commodity Futures Trading Commission. Launched in 2013, it received permanent approval from the CFTC in January 2016. The Refinitiv SEF allows participants to trade FX non-deliverable forwards (NDFs) and FX Options electronically through multibank request-for-quote (RFQ) 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 trading and reporting obligations as mandated by the Dodd-Frank Act (DFA). It features:

  • Multiple Legal Entity Identifiers (LEIs) per Trading ID
  • Entitlements for SEF-authorized accounts and users
  • DFA-Compliant reporting solutions
  • Generation of confirmations

Features & benefits

What you get with SEF

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.