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Tullett Prebon gets swap execution approval
26 September 2013
Firm approved for Dodd-Frank compliance and appoints chief executive of the SEF
swap execution facility
Interdealer broker Tullett Prebon has been granted temporary registration of a swap execution facility (SEF) by the US Commodity Futures Trading Commission (CFTC).
The facility was established to ensure that Tullett Prebon was in compliance with the US Dodd-Frank legislation. It offers SEF-compliant execution services in the five asset classes covered under Dodd-Frank.
Tullett Prebon has named Shawn Bernardo as the SEF's chief executive. He said: "Tullett Prebon has worked diligently over the last three years, preparing and investing in our trading technology and infrastructure, to ensure the company would meet the requirements of the Dodd-Frank legislation.
“We are now able to provide our clients with SEF compliant platforms and services within the new regulatory framework under Dodd-Frank, and we will continue to work with our customers and the CFTC to ensure that market participants successfully manage the transition to Tullett Prebon's SEF effectively."
Bernado is also chairman of the Wholesale Markets Brokers' Association Americas (WMBAA). Joining him on the SEF board are David Clark, John Spencer and James Quaille as public directors, while John Abularrage and Christian Pezeu serve as directors.
John Abularrage, CEO and president of the Americas at Tullett Prebon, said: "Through tpSEF, our clients will have access to Tullett Prebon's global market leading and now SEF-compliant platforms, providing liquidity across the range of asset classes required by the Dodd-Frank Act."