Bats Completes Javelin SEF Acquisition

Bats Global
Markets completed its acquisition of Javelin SEF, a swap execution facility
(SEF).

The
deal was announced
on August 11, 2016 and received approval from the Commodity
Futures Trading Commission (CFTC) on October 23, 2016.

Javelin has
been integrated with Bats Hotspot, the institutional FX trading platform, in
order to enable trading in non-deliverable forwards (NDFs).  Hotspot already offers trading in outright
deliverable forward contracts.

Dodd Frank
provisions mandate that certain market participants trade NDFs on SEFs.
According to the Bank for International Settlements (BIS) triennial survey,
total NDF daily turnover was $127bn as of 2013 – the latest update to this
figure will be released next month for April 2016 – and accounted for 19% of
all outright forward currency trading globally.

“This
acquisition broadens the instruments available to trade on Bats Hotspot, and
reiterates our commitment to developing our FX marketplace,” says Chris Concannon,
CEO of Bats Global Markets. “I congratulate both the Bats and Javelin
associates on their tenacity and dedication in swiftly and successfully closing
this deal.”

 

Colin Lambert

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