New swap execution facility, Seed SEF, registered in the US

New swap execution facility, Seed SEF, registered in the US

Chicago-based swap execution facility, Seed SEF, has been granted full registration by the US Commodity Futures Trading Commission (CFTC).

It is underpinned by the GMEX Technologies’ trading and surveillance software. GMEX is also a stakeholder in Seed SEF.

SEFs are trading facilities that operate under the CFTC’s regulatory oversight for trading and processing swaps. They were created as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that called for greater pre-trade and post-trade transparency in the swaps market.

Seed has become the 23rd SEF to be registered by CFTC in the US.

GMEX and the world
GMEX Group, set up by Hirander Misra (a co-founder of Chi-X Europe) in 2013, is an investor and technology provider to a number of trading venues around the world.

It provides technology to ALTX East Africa, which has recently launched a new exchange platform offering the ability to handle 150,000 transactions per second.

In Vietnam, it has partnered with Hanoi-based FPT Information System to launch the country’s first derivatives market and “fully integrated” clearing house.

GMEX has also recently teamed up with inter-dealer money broker Tullett Prebon to develop a hybrid voice and electronic trading platform for FX Options.

It has also become the first taker of uClear, a blockchain tech solution for real-time clearing and settlement for financial markets, developed by India-based uTrade Solutions.