trueEX LLC was approved by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM), on September 26, 2012. Initially, trueEX offers electronic execution of interest rate swaps via proprietary trading technology, and it will later expand its offerings to include additional liquid derivatives.
trueEX offers a choice of clearing houses for clearing interest rate swaps, something that has not previously been available on any regulated exchange. Additionally, trueEX has contracted with National Futures Association (NFA) to provide regulatory services as part of its overall compliance function.
The CFTC is an independent agency established through an Act of Congress in 1974 with the mandate to regulate commodity futures and options markets in the U.S. Most recently, its responsibilities have been expanded by the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide comprehensive regulation to the swaps marketplace. trueEX and its participants will operate under this new regulatory framework, which is intended to bring much needed transparency and price discovery to a previously unregulated segment of the derivatives market.