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Startup challenges dominance of big banks in derivatives markets A new trading exchange for derivatives is loosening the stranglehold that the world's biggest investment banks have on the multi-trillion dollar market in a crucial test of financial reforms that attempt to reduce systemic risks. The year-old trading venue, trueEX Group LLC, surprised many on Wall Street when it had nearly 20 percent of the trades in exchange-traded interest rate swaps in the U.S. for the week ending Feb. 20. Though it has not matched those numbers since, its 9 percent market share so far this year marks significant inroads for a startup vying against rivals backed by the most powerful banks, investors and traders said. Reuters - March 10, 2015

New Swaps Workflows: Moving Beyond Connectivity to Innovation and Best Practices – Sunil Hirani, trueEx Most swap market participants are still working to establish connectivity and basic trading and processing workflows in the new SEF landscape, according to Sunil Hirani, CEO, trueEX. But along with the increased access, transparency and competition enabled by electronification, the swaps market is beginning to innovate at an accelerating pace, he says. Speaking with TABB Group’s Paul Rowady, principal and director of data and analytics research, at TabbFORUM’s 2015 fixed income conference, Hirani discusses some of the emerging pre- and post-trade innovations in the swaps market, the priorities for new providers such as trueEX, and what will drive the next phase of innovation in the space. TABB Forum - March 4, 2015

Start-Up SEF Taking the Fight to Incumbents With rising volumes, trueEX is an encouraging example that start-ups are beginning to stir up competition among incumbent swap execution facilities. To keep the innovation flowing, the firm recently hired a new CIO from the equity exchange space. Recently trueEX, one of the start-ups operating U.S. swap trading platforms for interest-rate swaps, has gained market share in the dealer-to-client space, where Bloomberg and Tradeweb are the major players. TABB Forum - February 26, 2015

trueEX Appoints CIO, Reports Record Trading Volumes trueEX, the first designated contract marketplace for interest rate swaps, announced today the appointment of Saro Jahani as Chief Information Officer. The appointment comes at a time of rapid growth for the company, which reported record activity on its platform in January 2015. In his new role, Jahani will manage the entire spectrum of IT efforts at trueEX, including development and QA. He joins trueEX from Direct Edge, where as CIO he was responsible for driving technological innovation, reinforcing the systemic integrity of IT and implementing the firm’s latency and stability roadmap. trueEX - February 19, 2015