GTX Sef receives CFTC approval

Institutional foreign exchange trading platform GTX has gained approval from the US Commodity Futures Trading Commission (CFTC) to register its swap execution facility (Sef) for Dodd-Frank compliant trading of non-deliverable forwards (NDFs) and swaps.

The go-ahead replaces the temporary registration status granted in April 2014, which enabled the venue to offer clients the ability to trade NDF contracts under US regulatory requirements.

"We launched the Sef two years ago to support asset managers seeking to trade NDFs in a fully-compliant manner," said Vincent Sangiovanni, chief executive of GTX. "We expect it to grow in importance as regulations on foreign exchange are implemented by regulators in the US and elsewhere."

Enabling institutional traders to trade any FX product 24 hours a day when the markets are open
GTX

The GTX Sef operates a central limit order book for NDF trading, as well as request-for-quote and request-for-stream options. GTX also provides agency execution services through its registered swap-dealer entity for NDFs and all FX products in G10 and emerging market currencies.

"These platforms and services, together with GTX's flagship ECN, form a complete ecosystem, enabling institutional traders to trade any FX product 24 hours a day when the markets are open," the company said in a press release.