Media

2017
2016
2015
2014
2013
2012

2017

New York, August 8, 2017 - The Trade
Start-up Sef trueEX takes larger slice of swaps trading pie ▶

Start-up swap execution facility (Sef) trueEX has become one of the most used electronic platforms for interest rate derivatives in the US, marking a significant shift in the swaps trading landscape.

According to data compiled by Tabb Group, trueEX has seen its market share grow exponentially over the past two years.

Despite only capturing less than 1% of total Sef volumes in vanilla...

New York, July 26, 2017 - Tabb Forum
US Swaps Trading Thrives as Global Regulatory Framework Comes into Focus ▶

A quick look at recent trading statistics for the US swaps market suggests several shakeups from the volume status quo of recent years.

One headline that jumps out when looking at the high-level volumes for interest rate swaps (IRS) is the emergence of trueEx. Looking to the past 12 months, Tradeweb and Bloomberg have been the leading interest rate SEFs in terms of volume captured, but...

New York, May 8, 2017 - trueEX
trueEX Takes Legal Action Against MarkitSERV ▶

Dear Friends, Buy-Side Firms, Bank Clients and Shareholders,

Today, trueEX has taken the extraordinary step of seeking the protection from the United States District Court for the Southern District of New York in order to preserve our interests as well as those of our buy-side and bank clients in the derivatives market.

trueEX has created a state-of-the-art infrastructure from the ground...

London, April 27, 2017 - The Times of India
TrueEX SEF hires Yoshida to lead expansion ▶

Swap execution facility trueEX has hired Chris Yoshida, a former head of rates sales at Deutsche Bank and Morgan Stanley, to head sales, marketing and strategy.

Yoshida brings more than 15 years of senior level industry experience to the platform as it gears up for expansion across the US, Europe and Asia and aims to capitalise on rapid growth that has seen volumes surge by 20 times in the...

New York, April 26, 2017 - Business Insider
A fast-growing Wall Street startup has made a 'game changer' hire ▶

A fast-growing derivatives exchange has made a big hire.

trueEX, an interest-rate swap execution platform, has hired former Deutsche Bank executive Chris Yoshida to run sales, marketing, and strategy. He will join the executive team of CEO Sunil Hirani and president and chief operating officer Karen O'Connor.

New York, January 25, 2017 - Risk.net
OTC trading platform of the year: trueEX ▶

Risk Awards 2017: Innovation gives start-up Sef a foothold – and has forced incumbents to change.

2016

New York, November 22, 2016 - trueEX
trueEX Launches First Platform for Trading and Novation of Non-Cleared Derivatives ▶

trueEX has launched the first execution venue for real-time execution, processing and novation of non-cleared interest rate swaps. By streamlining the workflow, trueEX is defraying much of the significant complexity and operational burdens arising from mandatory margining of non-cleared swaps, which has already been implemented in the U.S., Canada and Japan and due to go live in Europe in Q1...

New York, October 11, 2016 - IFR
trueEX SEF Expands in LatAm Swaps ▶

Start-up swap execution facility trueEX has become the first regulated platform to execute dealer-to-client Brazilian Real interest rate swaps, reflecting growing interest among buyside participants to trade over regulated platforms even in products that are not yet covered by the Dodd-Frank trading mandate.

The first trades, which took place last week, follow the launch of Mexican peso...

New York, September 26, 2016 - Financial Technologies Forum
BNP Paribas Joins trueEX SEF ▶

Derivatives clients of the French banking giant will be getting access to direct clearing and other post-trade services. French banking giant BNP Paribas has joined the trueEX swap execution facility (SEF) offering its derivatives clients the ability to leverage direct clearing, broad support of global currencies, and low-cost execution of interest rate swaps via the trueFIX application...

New York, September 13, 2016 - trueEX
trueEX Expands Streaming Liquidity for 'No-Touch' Swaps Trading ▶

trueEX, the innovative global interest rate swap trading platform, is adding BNP Paribas to its pool of 21 global derivatives dealers which also includes JPMorgan and RBS that collaborated on the launch of the trueFIX API platform.

Through the collaboration, users will have access to the global derivatives dealers’ market making capabilities, while leveraging the benefits of direct clearing,...

New York, August 16, 2016 - trueEX
trueEX Introduces Execution of Brazilian Real Swaps Cleared at CME Group ▶

trueEX, the innovative global interest rate swap trading platform, has built a solution to provide execution for Brazilian Real (BRL) interest rate swaps cleared at CME Group. The launch follows CME Group’s Q4 2015 launch of BRL interest rate swaps clearing, which has cleared more than 250 billion Real in notional from 25 market participants.

Through the collaboration, clients will be able...

New York, June 8, 2016 - trueEX
Former ICE Executive Zohar Hod to lead truePTS Derivatives Push ▶

truePTS, the independent derivatives processing business, has appointed Zohar Hod as its Chief Executive Officer. Hod, a former senior executive at Intercontinental Exchange, joins the fast-growing service at a time of heightened concern in the industry about inflexible technologies and the high costs of legacy post-trade processing industry utilities.

truePTS – formed in December 2015 as an...

London, April 5, 2016 - trueEX
trueEX Expands to Support London Business Hours ▶

trueEX, the fastest growing interest rate swap trading platform, now supports market activity during London business hours due to rapidly growing client demands in both the US and across Europe.

This transatlantic expansion enables European clients to access the same range of currencies, products, and features as those in North America. Platform connectivity is available from 7:30am London...

New York, March 16, 2016 - IFR
Swap Reporting Costs Drive Industry Shift ▶

The derivatives industry has begun to step out of the compliance phase that has dominated for the last five years post-Dodd-Frank, and into a consolidation and inefficiency-reduction phase now that the costs of regulation are playing themselves out.

Market participants lobbied heavily against the possibility of different frameworks for the reporting of derivatives transactions across...

New York, March 16, 2016 - trueEX
truePTS Advances Regulatory Reporting for Derivatives ▶

truePTS has entered into an agreement with CME Group Inc. (NYSE: CME) to integrate truePTS processing efficiencies with CME Group’s preferred global network of regulated trade repositories (TRs). This agreement makes truePTS the first independent derivatives post-trade service to provide a single trade reporting application program interface (API) to meet obligations in the United States,...

New York, January 28, 2016 - trueEX
trueEX Completes First Electronic Mexican Peso Swap Trades for Institutional Investors ▶

trueEX, the fastest growing swap execution facility (SEF), has created another industry innovation with the execution of the first dealer to client Mexican peso (MXN) interest rate swaps trades on its award-winning platform. Societe Generale Corporate and Investment Bank (SGCIB), and undisclosed institutional investors completed the transactions late in December and January; the first buy-side...

New York, January 27, 2016 - Risk.net
Sef of the year: trueEx ▶

Start-up Sef enjoys a breakthrough year by offering unique post-trade tools to the buy side. "The interest rate swaps markets are near impossible to break into; they're like a fortress. Our strategy was to offer things the two incumbent trading venues, which have been in the rates market for two decades, wouldn't," says Sunil Hirani, co-founder and chief executive of trueEx, the New York-based...

New York, January 22, 2016 - CFTC
CFTC Grants Registration to 18 Swap Execution Facilities ▶

The U.S. Commodity Futures Trading Commission (CFTC) today issued Orders granting registration to 18 swap execution facilities (SEFs). The SEFs issued a Registration Order today previously were operating under temporary registration status. SEFs are trading facilities that operate under CFTC’s regulatory oversight for trading and processing swaps. SEFs were authorized to be created by the...

2015

New York, December 8, 2015 - trueEX
trueEX Teams with J.P. Morgan and RBS to Introduce ‘No-touch’ Swaps Trading for Buy-Side ▶

trueEX, the fastest growing swap execution facility (SEF), along with J.P. Morgan and RBS, today announced the launch of trueFIX, a real-time, automated execution and processing solution for all US dollar, Euro and UK Sterling swaps.

Through its network of dealers, trueFIX offers asset managers and other institutional investors the ability to transact the full range of interest rate swap...

New York, December 8, 2015 - IFR
trueEX Locks in JPM, RBS for Swaps Service ▶

Trading platform trueEX has rolled out a new automated trading service for swaps and locked in the participation of two major dealers - something of a coup as banks have traditionally been unwilling to support such efforts in the past.

JPMorgan and Royal Bank of Scotland have committed to making markets on the firm’s new trueFIX service – one they also helped to develop – for standard and...

New York, December 7, 2015 - Traders Magazine
trueEX Separates Processing from Trading System, Creates New Entity ▶

trueEX has just created a new trade processing service.

The swap execution facility firm announced it has separated its processing services from its derivatives trade execution platform and created a new entity, truePTS.

truePTS now offers allocations, instant status notification and other processing capabilities to all dealers, buy-side firms, clearing firms, inter-dealer brokers, and...

New York, December 4, 2015 - Finance Magnates
trueEX Splinters Post-Trade Execution Platform into Sovereign Entity ▶

trueEX’s decision to disaggregate its post-trade execution business into a sovereign legal entity will aim to foster greater efficiency.

trueEX, a growing swap execution facility, has splintered its processing services away from its derivatives trade execution platform to help lend greater efficiency to its operations, according to a trueEX statement.

trueEX’s decision to disaggregate its...

New York, December 3, 2015 - trueEX
trueEX Spins Off Post-Trade Business, Creates Venue-Agnostic Service ▶

New York, December 3, 2015 - trueEX, the industry’s fastest-growing swap execution facility, has separated its processing services from its award-winning derivatives trade execution platform. The decision to establish a discrete legal entity for its rapidly growing post-trade business responds to the demand for more efficient, cost-effective, and independent post-trade solutions.

The new...

New York, November 4, 2015 - Risk Magazine
Lack of Average Pricing Holding Back CLOBs, Says Buy Side ▶

To move from block request-for-quote swap trading to exchange-type execution, managers need the ability to average-price their trades. But with no one taking responsibility for developing the technology, they are frustrated Asset managers are a tricky client for any dealer. They execute huge block derivatives trades at billions of dollars of notional at a time, but require a special...

New York, October 8, 2015 - Risk Magazine
Buy Side Held Back by Confusion on Cross-trading Swaps ▶

Asset managers could realise significant cost savings by internalising some of their swaps flow, but CFTC rules prevent them from doing so. Homeowners fed up with high-priced contractors that do low-quality work often take a do-it-yourself approach to home improvement. Asset managers, it seems, are no different. As dealers retreat from trading over-the-counter products, and charge more for the...

New York, July 27, 2015 - Institutional Investor
The 2015 Tech 50: Racers to the Edge ▶

The global financial technology elite sets itself apart by understanding the strategic and societal implications of high-tech advances and pushing innovation at Silicon Valley–like speed.

Grounded as it is in information and money — and information about money — financial services is, was and always will be a technology business. “Good information received in a timely fashion” defined sound...

New York, July 21, 2015 - Institutional Investor
TrueEx Builds Bridges in the New World of Swaps ▶

It’s late on a Wednesday afternoon in early summer, and Sunil Hirani has liquidity on his mind. “We’ve been doing record volumes in the past few months,” he says of trueEX, the swap execution facility (SEF) he co-founded in 2011. “Would you like a margarita?”

There’s a party in the reception area of truEx’s headquarters in New York’s Flatiron District, and the bartender has started preparing...

New York, March 10, 2015 - Reuters
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...

New York, March 4, 2015 - TABB Forum
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,...

New York, February 26, 2015 - TABB Forum
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. 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. Derivatives reforms have attracted a...

New York, February 19, 2015 - trueEX
trueEX Appoints CIO, Reports Record Trading Volumes ▶

NEW YORK, NY, February 18, 2015 – 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...

2014

New York, August 14, 2014 - GlobalCapital
Compression usage spikes as firms wrestle with SLR ▶

Banks looking to cut their Supplementary Leverage Ratio (SLR) are turning to compression techniques in ever larger volumes to ratchet down the individual numbers of swap trades on their books as well as the overall notional amount they have outstanding. As market participants adjust to a new market era of regulated electronic trading venues and as capital requirements become more stringent,...

New York, May 19, 2014 - Wall Street & Technology
trueEX Processes $750 Billion in Bunched Order Allocations ▶

SEF startup TrueEX LLC has processed over $750 billion bunched order allocations in the past 90 days, overcoming a major hurdle for the buy side in complying with the recent trading mandate for swaps. TrueEX’s Post-Trade Services (PTS) platform enables futures commission merchants (FCMs) and their asset management clients to execute so-called bunched orders and then perform post-trade...

New York, May 17, 2014 - IFR
Make or Break Time for SEFs ▶

Two swap execution facilities have parted ways with their CEOs in the last two weeks in what market participants believe could trigger attrition across the 24 registered platforms. Consolidation has been predicted since the beginning of SEF discussions, but in a surprise turn it could be occurring just as volumes are set to receive a boost. Jamie Cawley, CEO of Javelin Capital Markets, and Tom...

New York, March 25, 2014 - trueEX
trueEX Processes Over $100bn of Bunched Order Allocations ▶

NEW YORK, NY, March 25 2014 - trueEX LLC today announced it has successfully processed over $100bn in bunched order allocations, enabling the buy‐side community to overcome a significant hurdle in complying with the regulatory trading mandate for swaps. trueEX’s innovative Post-Trade Services (PTS) platform is execution venue and clearing house-agnostic and enables Futures Commission Merchants...

New York, January 16, 2014 - CFTC
The Commodity Futures Trading Commission Staff Announces Trade Execution Mandate for Certain Interest Rate Swaps ▶

The Commodity Futures Trading Commission (CFTC or Commission) Division of Market Oversight (Division) today announced that Javelin SEF, LLC’s (Javelin) self-certification of available-to-trade determinations (MAT Determinations) for certain interest rate swap contracts, as described below, is deemed certified. Under Commission regulations, the swaps that are subject to these MAT Determinations,...

2013

New York, December 11, 2013 - trueEX
First Trade Executed on trueEX's Portfolio Terminations and Compactions (PTC) Platform ▶

trueEX, the first CFTC‐regulated electronic exchange for interest rate swaps (IRS), today announced that it has executed its first PTC trades with AllianceBernstein, JP Morgan, MKP Capital and Societe Generale.

Portfolio Terminations and Compactions (PTC) is an automated trueEX platform providing much needed operational and connectivity benefits to clients who have a need to terminate,...

New York, October 25, 2013 - The Trade
MAT Rule Could Skew Buy-Side SEF Use ▶

Two rival swap execution facilities’ (SEFs) applications to mandate certain interest rate swaps under the Commodity Futures Trading Commission’s (CFTC) made available to trade (MAT) rule could have severe implications for liquidity. Javelin SEF and a SEF operated by trueEX have filed separate MAT applications to the CFTC – one looking to introduce SEF trading across the broad spectrum of IRS...

New York, October 22, 2013 - Wall Street & Technology
A Tale of Two SEFs: Javelin and TrueEX on Swap Trading ▶

Two startups, Javelin Capital Market and TrueEX are taking different approaches to offering swaps on their trading platforms, sparking some debate. Two startups, Javelin Capital Markets and TrueEX, are taking different approaches to offering interest-rate swaps on their new swap trading venues, which could spark debate on whether to list the most liquid contracts or the entire interest rate curve.

New York, October 21, 2013 - Bloomberg
TrueEX Files CFTC Application to Offer Rate-Swaps Trading ▶

TrueEX Group LLC filed an application to offer the most-active interest-rate swaps on its exchange platform, joining another firm in an action that may hasten the migration of derivatives to public markets. The step is part of a process that eventually will move trillions of dollars of derivatives to government-mandated platforms under the Dodd Frank Act. While swap execution facilities were...

New York, September 27, 2013 - Futures & Options World
Futures and Options Week - Bürgenstock 2013 ▶

"This is the dawn of a new era," Sunil Hirani, CEO of trueEX told me on the final morning of the FIA's Bürgenstock expo. Reflecting on the discussions and panels which had taken place at the conference in Geneva it was hard to disagree with Sunil - though I couldn't quite come up with my own Hollywood stamp to put on it, hence why I've used his. Certainly the presence of trueEX - the exchange...

New York, September 23, 2013 - trueEX
trueEX to Commence Swap Execution Services on October 2nd ▶

trueEX LLC, the first CFTC‐regulated DCM for swaps, today announced that execution services for swaps will be provided on both of its CFTC‐regulated platforms (DCM & SEF) commencing on October 2nd, 2013.

For the first time in the swaps market, trueEX will offer its innovative anonymous Central Limit Order Book (CLOB) for the most liquid swaps as well as SCSM (Standard Coupon Standard...

New York, September 20, 2013 - CFTC
CFTC Issues Notices of Temporary Registration as a Swap Execution Facility to trueEX, LLC and ICE Swap Trade, LLC ▶

The U.S. Commodity Futures Trading Commission (CFTC or Commission) has approved the applications of trueEX, LLC (trueEX) and ICE Swap Trade, LLC (ICE Swap Trade) for temporary registration as swap execution facilities (SEF) pursuant to section 5h of the Commodity Exchange Act (CEA) and section 37.3(c) of the Commission’s regulations. trueEX is a Delaware limited liability company and is a...

New York, September 11, 2013 - Futures & Options World
Under the Hood of the GMEX Constant Maturity Future ▶

New London-based MTF unveiled its Constant Maturity Future this week. William Mitting takes a look at how it will work and where it fits in the market. The changes within the OTC interest rate market are well documented. The mandate to clear and electronically trade contracts among other rules designed to make the OTC landscape inhospitable for all but the hardiest market participants has led...

New York, August 8, 2013 - IFR
DERIVATIVES: CS, UBS bolster trueEX IRS platform ▶

The shift from Over-the-counter to exchange trading in the US$370trn interest rate swaps market took another a step forward last week after two banks came on board to offer Clearing and market-making services to electronic start-up platform, trueEX, which is currently trialing a new standard coupon interest rate swap among a handful of buyside and dealer clients.

“Getting liquidity providers...

New York, August 8, 2013 - trueEX
UBS and trueEX form liquidity alliance for Interest Rate Swaps ▶

trueEX LLC, the first CFTC‐regulated electronic exchange for interest rate swaps (IRS), today announced that UBS has completed full certification and testing on the trueEX exchange and will offer client access to trueEX pricing as part of their liquidity aggregation strategy. UBS will be providing markets and routing client flows on the most liquid interest rate swaps as well as the Standard...

New York, August 6, 2013 - trueEX
Credit Suisse is the 1st Clearing Firm to onboard with trueEX for Interest Rate Swaps (IRS) ▶

trueEX, LLC, the first CFTC‐designated electronic exchange for interest rate swaps, today announced that Credit Suisse Securities (USA) LLC (“Credit Suisse”), has completed all of the on‐boarding required to allow Credit Suisse and its clients to access the trueEX Designated Contract Market (DCM) exchange and related trueEX services such as the PTC (Portfolio Terminations and Compactions)...

New York, July 22, 2013 - IFR Asia
CME partners trueEX for credit futures clearing ▶

CME partners trueEX for credit futures clearing

New York, July 19, 2013 - Wall Street & Technology
trueEX Strikes Agreement with CME Clearing for Credit Spread Futures ▶

The new trueEX credit spread futures contract will be traded over CME's Globex platform, giving it global distribution. The electronic regulated swaps exchange trueEX has struck an agreement with CME Clearing to develop credit spread futures based on the newly launched S&P indices and to distribute these products over CME’s Globex trading platform, pending a final agreement.

New York, July 18, 2013 - Bloomberg
CME Agrees to Clear Credit-Swap Futures Being Designed by TrueEX ▶

CME Group Inc., owner of the world’s largest derivatives market, will provide clearing services for new credit-default swap futures being developed by trueEX Group LLC and Standard & Poor’s. The contracts will be available for trading on CME’s Globex electronic system, the companies said today in a statement. The deal among the three companies is non-binding and subject to final approval, they...

New York, July 18, 2013 - trueEX
CME Group and trueEX Work Together to Deliver Credit Spread Futures™ New Indexes from S&P Dow Jones Indices ▶

CME Group, the world’s leading and most diverse derivatives marketplace, and trueEX, LLC, the first CFTC‐regulated electronic exchange for swaps, today announced a non‐binding agreement to forge a strategic partnership to develop trueEX Credit Spread Futures contracts based on the newly created S&P Indices that would be distributed to the global futures markets on CME Globex, subject to a final...

New York, June 26, 2013 - Risk.net
Sefs worry MAT rules will create ‘race to the bottom’ ▶

Swap execution facilities (Sefs) have condemned rules on how a swap is made available to trade (MAT) under the Dodd-Frank Act – a status that would force the swap to be traded exclusively via the new platforms. Critics, including Tradeweb, argue the rules put too much power in the hands of the Sefs and say the decision should be made by a regulator instead. "We would have preferred something...

New York, June 5, 2013 - S&P Dow Jones Indices
Exploring a New Frontier for Credit Default Swaps ▶

Exploring a New Frontier for Credit Default Swaps

New York, May 9, 2013 - Wall Street Journal
Regulators Near a Deal on Platform for Swaps ▶

Futures regulators are close to an agreement that would end a months-long standoff over a central plank of the 2010 Dodd-Frank law and finally bring more transparency to the trading of swaps, the complex financial contracts at the heart of the financial crisis. The deal would represent a win for Wall Street's biggest swaps dealers and a big compromise for the Commodity Futures Trading...

New York, April 30, 2013 - Risk.net
Standardised OTC swaps spice up futurisation fight ▶

In the contest between over-the-counter interest rate swaps and exchange-traded swap futures, the listed product has two great advantages – it requires less margin to clear, and its standardised terms make the risk fungible. No matter how many times a user trades the same future, it only has a single position on its books, with each transaction adding to, or subtracting from, the risk. OTC...

New York, April 19, 2013 - Risk.net
Standardised OTC Swaps to Launch Within Weeks ▶

Within weeks, fixed-income market participants will be able to trade a new, exchange-traded version of the over-the-counter interest rate swap, with eight tenors, standard coupons and quarterly maturity dates like those used in the futures market. Some of those involved in the work see it as a way of defending the OTC market against the threat posed by swap futures. Buy-side firms including...

New York, April 18, 2013 - Waters Technology
Liquidity Aggregation Through FCMs Appealing, But Info Leakage a Question ▶

Even as the estimated number of swap execution facilities (SEFs) drops, fragmentation is still predicted to become an issue in the world of centrally cleared swaps. There is therefore room in the market for an aggregation service, to source liquidity from multiple venues and present it to the buy side.

Sunil Hirani, CEO of TrueEx, an electronic designated contract market (DCM) for swaps,...

New York, April 12, 2013 - Wall Street & Technology
Once Swaps are in the Clearinghouse, the Real Work Begins ▶

This week trueEX said it plans to launch a service to provide termination, compaction, re-balancing and backloading to CME clearing clients. While the transition of the OTC derivatives marketplace to central clearing is already underway, there are still a bunch of life cycle processes that need to be managed once positions are in the clearinghouse.

New York, April 11, 2013 - IFR Asia
DERIVATIVES: TrueEX launches swap portfolio management tool ▶

DERIVATIVES: TrueEX launches swap portfolio management tool

New York, April 10, 2013 - Barron's
New Futures-Focused Indices Let Investors Bet On Corporate Bonds ▶

For investors looking to bet on the direction of corporate bond markets, S&P Dow Jones Indices just announced the launch of three new credit spread indices based upon the S&P 500 and has licensed electronic exchange trueEX, LLC to create futures contracts based upon the indices, which the companies say will be the first to offer exposure to corporate credit spreads in futures form. The S&P/ISDA...

New York, April 10, 2013 - Wall Street Journal
S&P, TrueEX Team Up on CDS Futures ▶

S&P Dow Jones Indices LLC is working with startup exchange trueEX LLC to offer futures contracts tied to credit-default swaps, the latest volley from firms vying for a piece of the rapidly evolving CDS market. The index unit of McGraw Hill Cos. has agreed to let trueEX base the CDS futures on three newly created CDS indexes.

New York, April 10, 2013 - Wall Street & Technology
S&P Dow Jones Licenses 3 New Credit Spread Indices to trueEX ▶

Electronic swaps exchange trueEX will create futures contracts based on the independently managed and calculated indices, and will be the first regulated exchange to offer exposure to corporate credit spreads. S&P Dow Jones Indices announced the launch of three new credit spread indices based upon the S&P 500 along with a licensing agreement with trueEX, an electronic swaps exchange that will...

New York, April 10, 2013 - PR Newswire
S&P Dow Jones Indices Launches Credit Spread Indices Based on S&P 500; trueEX Licenses Indices to Create Credit Spread Futures Contracts ▶

S&P Dow Jones Indices announced today the launch of three new credit spread indices based upon the S&P 500®. S&P Dow Jones Indices has licensed trueEX, LLC, a CFTC-approved electronic exchange, to create futures contracts based upon the indices. The trueEX futures contracts will be the first to offer exposure to corporate credit spreads. The three new credit spread indices launched today by S&P...

New York, April 10, 2013 - trueEX
trueEX Plans to Provide CME Group's Clearing Members and Customers with trueEX's Portfolio Termination, Compaction, Rebalancing and Back-Loading Services ▶

trueEX, LLC, announced today that it plans to launch a service to provide termination, compaction, re-balancing and back-loading services to CME clearing clients.

Pending CFTC review, trueEX, the first CFTC-regulated Designated Contract Market (DCM) for interest-rate swaps, would provide CME clearing clients with access to trueEX's proprietary PTC (Portfolio Terminations and Compactions)...

New York, April 10, 2013 - Bloomberg
S&P, TrueEx Start Credit-Spread Futures Linked to S&P 500 Index ▶

Standard & Poor’s is starting three indexes that measure corporate creditworthiness tied to the S&P 500 stock index and is linking with swaps exchange trueEX Group LLC to create futures contracts on them. One of S&P Dow Jones Indices’s gauges, which begin today, will be tied to 120 issuers of the most liquid investment-grade debt in the stock index. The S&P/ISDA U.S. Corporate 120 Credit Spread...

New York, April 1, 2013 - American Banker
TrueEX Takes Early Lead in Building Rate Swaps Exchange ▶

Sunil Hirani hopes his follow-up act on Wall Street is better received than Oliver Stone's. A pioneer in the derivatives industry, Hirani in 1999 co-founded Creditex, an influential electronic platform for trading credit-default swaps. Now he's back leading a financial technology company called trueEX, which aims to spur an e-trading evolution in another high-volume derivatives category:...

New York, March 14, 2013 - Risk.net
CFTC's Gensler Defends Swaps vs Futures Margin Disparity ▶

Commodity Futures Trading Commission (CFTC) chairman Gary Gensler has defended the advantage handed to futures markets by the agency's margin rules, claiming the higher minimum applied to over-the-counter swaps is based on years of established practice – and said that forthcoming rules for new swap execution facilities (Sefs) will not address the disparity. That comes days after Bloomberg,...

New York, March 12, 2013 - Bloomberg
Swap Traders Seeking Help in Exiting Positions Under Dodd-Frank ▶

New rules mandating that swaps be backed by clearinghouses and executed on regulated systems are complicating investors’ ability to exit the derivatives trades, according to money manager AllianceBernstein Holding LP. Regulation created by the 2010 Dodd-Frank Act will require that most swaps be traded on exchanges or similar electronic systems known as swap-execution facilities. Investors who...

New York, February 28, 2013 - Risk.net
trueEX: e-trading pioneer offering one-stop swap shop ▶

Rumours have been flying for months – first, they were due in November last year, then before the end of 2012. As those dates came and went, new ones replaced them – January, then Valentine's day. Now, informed sources are suggesting final rules on swap execution facilities (Sefs) will be published on March 1, as Risk goes to press. Having waited more than two years for the Commodity Futures...

New York, February 26, 2013 - Bloomberg
UBS Said to Be in Talks With TrueEX for Swaps Execution ▶

UBS AG is in advanced talks to send interest-rate swap orders by its customers to swaps exchange trueEX Group LLC as the bank adjusts to rules under the Dodd-Frank Act, according to two people familiar with the matter. The firms are discussing a partnership as Zurich-based UBS brings its electronic swap-trading platform, the Price Improvement Network, into compliance with the regulation, said...

New York, February 6, 2013 - Wall Street & Technology
Swaps Exchange Gears Up for Dodd Frank Mandates ▶

Preparing to go live in 2013, trueEX LLC, a CFTC-regulated swaps exchange, chose Interactive Data Corporation's 7ticks global network for hosting and supporting its matching engine architecture. Gearing up for screen-based derivatives trading, Dodd-Frank compliant swaps exchange trueEX LLC, said it selected Interactive Data Corporation to host its matching engine on a global network connected...

New York, January 31, 2013 - trueEX
Sunil Hirani's Remarks at the CFTC Round Table, The Futurization of Swaps ▶

Good afternoon, I'm Sunil Hirani, CEO of trueEX. Thank you for inviting me participate in this Round Table about what needs to be done to guarantee fairness, transparency and protection to the public in the swaps and futures markets.

trueEX is the first regulated exchange approved as a Designated Contract Market for interest rate swaps by the CFTC.

trueEX's goal is to provide a safer,...

New York, January 31, 2013 - trueEX
FIA Special Report - CFTC Hosts Futurization Roundtable ▶

The Commodity Futures Trading Commission on Jan. 31 hosted a day-long roundtable discussion focusing on the so-called futurization of swaps. The roundtable discussion was organized by the CFTC to gather comments from a range of market participants about the shift from over-the-counter markets to futures exchanges and the implications for several pending CFTC rulemakings. The participants...

2012

New York, October 17, 2012 - Bloomberg
Hirani, Raisler Say trueEX Creates Swaps Transparency (Bloomberg Radio, The Hays Advantage) ▶

trueEX Creates Swaps Transparency

New York, October 11, 2012 - trueEX
trueEX to Use CME Clearing To Power Swaps Execution ▶

NEW YORK, NY, October 11, 2012 - trueEX, LLC, an electronic execution platform for the global interest rate swaps (IRS) market, announced today that it has executed a clearing agreement with CME Clearing. trueEX provides execution and processing services as a CFTC-regulated Designated Contract Market (DCM) for the global IRS market.

trueEX has worked closely with CME Clearing to complete...

New York, September 28, 2012 - Bloomberg
CFTC Grants TrueEX Exchange Status to Offer Interest-Rate Swaps ▶

The Commodity Futures Trading Commission granted designated contract market status to trueEX, a swaps exchange founded by Sunil Hirani. The market, which expects to offer trading in interest-rate swaps in the first quarter, is the first exchange approved after passage of the Dodd-Frank Act in 2010, the CFTC said in a statement today on its website. Hirani, 46, co-founded Creditex Inc., a...

New York, September 27, 2012 - trueEX
CFTC Approves trueEX as First Regulated Exchange Serving the $300 trillion Global Interest Rate Swap Market ▶

NEW YORK, NY, September 27, 2012 - The U.S. Commodity Futures Trading Commission (CFTC) today approved trueEX, the first Dodd-Frank compliant swaps exchange, as a Designated Contract Market (DCM). trueEX will initially serve the $300 trillion global interest rate swaps (IRS) market and expand into other liquid derivatives as appropriate.

Interest rate swaps are currently traded largely over...

New York, May 17, 2012 - Bloomberg
Derivatives Need Transparency to Lure Users, Hirani Says ▶

Increased transparency in credit default-swaps will attract new users to the shrinking market, according to Sunil Hirani, co-founder and chief executive officer at trueEX, a proposed exchange for swaps. The market structure “needs to be transformed,” Hirani said today at a Futures Industry Association conference in New York. “Transparency will be the catalyst,” along with the ability to trade...

New York, February 6, 2012 - Wall Street Journal
Derivatives Entrepreneur to Launch Swaps Exchange ▶

A pioneer in the multitrillion-dollar credit-derivatives market is seeking approval for what could be the first exchange catering to privately traded derivatives, or "swaps," instruments that currently trade off-exchange. Sunil Hirani, who in 1999 co-founded Creditex Group, an electronic execution platform for credit-default swaps, has asked the Commodity Futures Trading Commission to approve...