Settlement Data



On the trueEX Designated Contract Market (DCM), customers are able to take advantage of innovative and streamlined execution services and technologies. Different execution services allow users to place their orders and perform their trades in a style which suits their personal preference and execution requirements. Regardless of the selected execution service, all executed trades have the advantage of automated pre-trade certainty of execution and clearing.

Central Limit Order Book

Customers can access firm and actionable quotes through the pre- and post-trade anonymous trueEX Central Limit Order Book (CLOB). In the CLOB model, customer orders are matched on a price-time priority basis. Additionally, customers may select their preferred clearing house and clearing firm pre-trade, while being able to view liquidity across all supported clearing houses, including market depth. Through the CLOB, customers have access to trade USD outrights, USD switches, and USD market agreed coupon (MAC) outrights. There is no post-trade name give-up, all execution remains completely anonymous.


Customers that need to execute and report trades of large notional, with a specific counterparty, can take advantage of the trueEX Block service. The trueEX Block service allows customers that have agreed to a swap trade off-platform, with a notional meeting or exceeding the block threshold, to ensure that the block trade will clear, and to effortlessly clear and report the trade. Through the Block service, customers have access to trade USD outrights and USD MAC outrights.


On the trueEX Swap Execution Facility (SEF), customers are able to use a variety of trade workflows to manage their swap portfolios. trueEX has been recognized in the industry for its innovative list trading services for both MAT and non-MAT interest rate derivatives. The trueEX platform allows customers to import new and executed swaps in any of twenty supported currencies with almost any combination of cleared and non-cleared economic details. The trade workflows below support order staging directly from an OMS, direct connectivity to clearing houses, and straight-through-processing in a number of supported formats to optimize the entire trade lifecycle.


The PTC trade workflow gives sophisticated customers the power to seamlessly execute, terminate, or novate a package of trades. Composing a package is completely flexible to allow new risk trades, compressions, and rolls. For cleared trades, trueEX provides direct connectivity to the clearing house, both to retrieve existing positions pre-execution and to submit trades post-execution; this complete integration ensures precise trade recognition, accurate netting, and a streamlined way to remove unwanted open positions from the trade register of the relevant clearing house without undertaking a cumbersome and costly novation. For non-cleared activity that involves a novation, trueEX also gives counterparties the ability to terminate the existing trade and move it to a clearing house in one step.

Request for Quote

Customers may request quotes on a position or strategy from select counterparties through the trueEX Request for Quote (RFQ) trade workflow. In the RFQ workflow, a customer selects to execute against any quote that they receive in response to their request. All requests are name disclosed. The request can be standard (e.g. a USD butterfly or EUR MAC roll) or highly customized (e.g. non-MAT swaps, stubs, custom dates). The trueEX RFQ workflow offers a number of specialty features to enable customers to quickly and effectively reach an agreement on pricing and execution of a variety of products.


The Allocation trade workflow allows customers and clearing firms to process and clear post-trade allocations. This workflow supports all clearable products at trueEX and is agnostic to how the original trade was executed. Customers and clearing firms can submit allocation information for positions initially cleared against a "suspense" or "bunched order" account. The trades are directly and instantly cleared and allocated at the clearing house. Replacement trades fully offset the original suspense or bunched orders.

CCP Porter

The CCP Porter trade workflow lets customers easily move their positions from one clearing house to another. This unique functionality greatly reduces customer "legging" risk through automated, simultaneous position shifting. Because this trade workflow shifts the existing position from one clearing house to another, the risk of an increase in the number of line items in a customer's portfolio is completely mitigated.


The Backload trade workflow allows customers to clear previously executed non-cleared trades through a clearing route of the customer's choice (with approval of the original counterparty). The new replacement cleared trades remain in the same direction as the original trades, and trueEX automatically sends the non-cleared termination details to the original counterparties to make the process as simple as possible.



An interest rate swap is an agreement to exchange interest rate cash flows, calculated on a notional amount, at specified intervals (payment dates) during the life of a swap agreement (tenor). Each party’s payment obligation is computed on a notional amount, using an interest rate that is fixed on one side and floating on the other (usually LIBOR). The notional amount is never exchanged. Product specifications are provided below.

trueEX gives the user multiple ways to trade interest rate swaps through the anonymous Central Limit Order Book ("CLOB"), or with name disclosure via our Request for Quote (RFQ) functionality. We also offer the ability to trade larger, more customized swap packages using our PTC trade workflows.

Supported DCM Products

The trueEX Designated Contract Market (DCM) supports standardized USD and EUR products. These products include SIFMA Market Agreed Coupon (MAC) contracts tradable in an anonymous CLOB format

Download the trueEX DCM Product Term Sheet from the Rules & Notices page.

Supported SEF Products

The trueEX RFQ tool supports standardized products in USD, EUR, GBP, and MXN, as well as IMM and MAC contracts in select currencies. The trueEX PTC trade workflows support a wide variety of clearable and bilateral swaps products.

Download the trueEX RFQ or SEF Product Matrix from the Rules & Notices page.

Settlement Data


Pricing and trade volume data for the most recent trading day is available in the CFTC Part 16 CSV format here: PRICING AND TRADE VOLUME DATA.



The trueEX platforms uses next-generation technology to create a new and innovative way to trade derivatives. trueEX offers the ability to transact in traditional swaps markets with the added benefit of automated execution and clearing. Our execution venues provide a direct connection between clearing houses, clearing firms, and participant firms. Our goal is to offer transparency, speed, and reliability in a regulated electronic execution venue.


The trueEX platform can be accessed through a client GUI (Graphical User Interface), FIX API (Application Programming Interface), or through various leading independent electronic platforms that are certified with trueEX.


Users from participant firms and clearing firms can access the trueEX platform through the web-based GUI instantly, without any prior installation. Traders will have access to electronic order entry, instantaneous execution and clearing, views of market activity, and historical data at their fingertips. Additionally, the GUI provides support for clearing firms and participant firms to monitor trading activity and manage credit limits, clearing preferences, and risk in real time.


The trueEX FIX API offers an alternative to the GUI to allow firms to access the trading platform through an automated entry point. Firms can use the standardized FIX protocol to instantaneously send and receive messages. The trueEX FIX API protocols provide support for participant firms to monitor markets, enter orders, and execute trades on both the trueEX DCM and SEF venues. Additionally, the trueEX FIX API protocols make integration of existing order management systems simple.

Third Party Execution Platforms and Connection Services

In addition to the proprietary trueEX GUI and FIX interfaces, clients can gain access through market leading front-end electronic platforms and connection services, including the following partners:


All above connection mediums (GUI, FIX API, and third party platforms and services) are supported on the following trueEX environments, which are available to trueEX customers.


All clients that have completed the onboarding process and have certified testing in either the Onboarding or UAT environment can connect to the Production environment to access the trueEX DCM and SEF.


This testing environment is available for certification testing to all clients, including those who will connect through third party gateways (e.g. Broadway or ION).


The UAT environment is also available for testing, but it may have a newer version than Onboarding at any point to support pre-certification testing of new features.