White Papers

Non-US Trading Platform and CCP White Paper


The increase in multilateral trading and central clearing of swaps markets since Congress enacted the Dodd-Frank Act increases the need for U.S. firms to have effective access to non-U.S. swaps trading venues and central counterparties (“CCPs”). Most of the recent efforts of the Commodity Futures Trading Commission (“CFTC”) in this area have focused on addressing when and to what extent it will defer to comparable foreign regulation of a non-U.S. trading venue or CCP that is subject to registration with the CFTC as a swap execution facility (“SEF”) or derivatives clearing organization (“DCO”), respectively. This paper complements those efforts by addressing when a non-U.S. swaps trading venue or CCP has a sufficient U.S. nexus to trigger registration as a SEF or DCO in the first place.