Our Community

Clearing Firms
Participants

Clearing Firms

Futures commission merchants (FCMs) participate on the trueEX platform by offering clearing services to their members. Additionally, introducing brokers (IBs) participate on trueEX by offering execution services to entities that want to maintain a traditional broker relationship. While FCMs and IBs may also trade for their own accounts, they will typically offer execution services to trade on behalf of their customers who don’t otherwise have direct access to the trueEX Platform.

The following clearing firms are available to provide clearing services on the trueEX DCM and SEF.

  • Merrill Lynch Pierce Fenner & Smith (Bank of America Merrill Lynch)
  • Barclays Capital Inc.
  • BNP Paribas Securities Corp.
  • Citigroup Global Markets Inc.*
  • Credit Suisse Securities USA LLC*
  • Goldman Sachs & Co.
  • HSBC Securities USA Inc.
  • J.P. Morgan Securities Inc.*
  • Morgan Stanley & Co. LLC
  • Nomura Securities International, Inc.
  • SG Americas Securities LLC
  • UBS Securities LLC*
  • Wells Fargo Securities LLC

Clearing firms indicated with a * are bunched order allocation certified with trueEX.

Participants

Participant users on the trueEX platforms include swap dealers (SDs), major swap participants (MSPs), and other financial and corporate entities. SDs, also known as market makers, are generally large financial entities that make swap markets by providing pricing against orders offered by the other two participant user types. MSPs are generally financial entities that meet lesser cap requirements than SDs. MSPs may also include hedge funds, asset managers, insurance companies, and other entities which have substantial swap holdings. Other financial and corporate entities are those participants which have substantially smaller swap holdings but may also include hedge funds, insurance companies, and other corporate entities that may use swaps for risk management, commodity pools, private funds, or employee benefit plans.