On July 23, the Commodity Futures Trading Commission held an open meeting at which it approved an Amendment Order that (1) exempted 16 additional multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register as swap execution facilities (SEFs); and (2) clarified the application of the existing order to UK based MTFs and OTFs during the UK’s Brexit transition period.

The Amendment Order contains a total of 16 MTFs and OTFs which will be added to the SEF registration exemption order granted in December 2017 and amended in December 2018 (see the December 15, 2017 and December 7, 2018 editions of Corporate & Financial Weekly Digest, respectively). These trading facilities, located in France, Germany, the Netherlands, Spain and the UK, include the first EU trading facilities located outside of the UK to benefit from such exemption order. The full list of 16 additions is below:

  • 360 Treasury Systems AG;
  • Aurèl BGC OTF;
  • BTFE;
  • Digital Vega FX;
  • EBS MTF (home country has changed to the Netherlands);
  • HPC OTF;
  • iSWAP Euro B.V.;
  • KBL OTF;
  • Tradeweb EU B.V.;
  • Tradition-NEX OTF;
  • TSAF OTC OTF; and
  • Tullett Prebon EU OTF.

In relation to the UK’s departure from the EU, the CFTC confirmed that each OTF and MTF authorized within the UK and listed in the exemption order will continue to be exempt from SEF registration during the Brexit transition period (currently due to end on December 31, 2020).

More information on the Amendment Order is available here.