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NFA and TeraExchange Sign SEF Agreement

The National Futures Association (NFA) and TeraExchange have signed an agreement to support the NFA in performing regulatory services for TeraExchange’s swap execution facility (SEF).

The agreement creates a preliminary framework for exchanging information and the development of technology standards, enabling TeraExchange and the NFA to develop, test and launch automated trade practice and surveillance systems as well as developing procedures and processes necessary for the exchange to fulfil its SEF self-regulatory requirements. The firms say that they expect to enter into a formal Regulatory Services Agreement.

Under Dodd-Frank, SEFs will have to adhere to surveillance and other regulatory responsibilities, with the CFTC’s final rules allowing SEFs to contract with a registered futures association, such as the NFA.

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