Tradeweb’s TW SEF Receives SEC Approval for SBSEF Registration
Tradeweb Markets (Nasdaq: TW) announced SEC approval for its swap execution facility, TW SEF , to register as a security-based swap execution facility (SBSEF) under Regulation SE. This registration enables institutional clients to trade single-name credit default swaps through TW SEF in compliance with new regulatory requirements.
TW SEF has established itself as the largest swap execution facility for vanilla swaps, processing over $150 trillion in trades in 2024, representing 52% of industry-wide SEF volume. The platform currently serves more than 57 liquidity providers and over 1,000 institutional clients, facilitating an average daily volume of $590 billion in interest rate swaps, single-name default swaps, and credit default swap indices.
Tradeweb has been pioneering electronic derivatives trading since 2005, introducing numerous innovations including the first electronic swap compression trade and electronic SOFR swap spread trade. In 2024, Tradeweb reported average daily trading volumes of $783.3 billion in global rates derivatives.
Tradeweb Markets (Nasdaq: TW) ha annunciato l'approvazione della SEC per la sua struttura di esecuzione dei swap, TW SEF, per registrarsi come una struttura di esecuzione dei swap basata su titoli (SBSEF) ai sensi del Regolamento SE. Questa registrazione consente ai clienti istituzionali di negoziare swap di default su singole aziende attraverso TW SEF in conformità con i nuovi requisiti normativi.
TW SEF si è affermata come la più grande struttura di esecuzione dei swap per swap vanilla, elaborando oltre 150 trilioni di dollari in scambi nel 2024, che rappresentano il 52% del volume totale del settore SEF. La piattaforma serve attualmente più di 57 fornitori di liquidità e oltre 1.000 clienti istituzionali, facilitando un volume medio giornaliero di 590 miliardi di dollari in swap sui tassi d'interesse, swap di default su singole aziende e indici di swap di default.
Tradeweb è stata pioniera nel trading elettronico di derivati dal 2005, introducendo numerose innovazioni tra cui il primo scambio elettronico di compressione swap e il trading elettronico degli spread swap SOFR. Nel 2024, Tradeweb ha riportato volumi medi di trading giornalieri di 783,3 miliardi di dollari nei derivati sui tassi globali.
Tradeweb Markets (Nasdaq: TW) anunció la aprobación de la SEC para su instalación de ejecución de swaps, TW SEF, para registrarse como una instalación de ejecución de swaps basada en valores (SBSEF) bajo la Regulación SE. Este registro permite a los clientes institucionales negociar swaps de incumplimiento de créditos de nombre único a través de TW SEF en cumplimiento con los nuevos requisitos regulatorios.
TW SEF se ha establecido como la instalación de ejecución de swaps más grande para swaps vanilla, procesando más de 150 billones de dólares en operaciones en 2024, lo que representa el 52% del volumen total de la industria SEF. La plataforma actualmente atiende a más de 57 proveedores de liquidez y más de 1,000 clientes institucionales, facilitando un volumen diario promedio de 590 mil millones de dólares en swaps de tasas de interés, swaps de incumplimiento de créditos de nombre único e índices de swaps de incumplimiento de créditos.
Tradeweb ha sido pionera en el comercio electrónico de derivados desde 2005, introduciendo numerosas innovaciones, incluido el primer comercio electrónico de compresión de swaps y el comercio electrónico de spreads de swaps SOFR. En 2024, Tradeweb informó volúmenes de negociación diarios promedio de 783.3 mil millones de dólares en derivados de tasas globales.
Tradeweb Markets (Nasdaq: TW)는 자사의 스왑 실행 시설인 TW SEF가 SEC의 승인을 받아 규제 SE에 따라 증권 기반 스왑 실행 시설(SBSEF)로 등록한다고 발표했습니다. 이 등록은 기관 고객이 새로운 규제 요구 사항에 따라 TW SEF를 통해 단일 기업의 신용 부도 스왑을 거래할 수 있게 합니다.
TW SEF는 바닐라 스왑을 위한 가장 큰 스왑 실행 시설로 자리 잡았으며, 2024년에는 150조 달러 이상의 거래를 처리하여 전체 SEF 산업에서 52%의 비중을 차지합니다. 현재 이 플랫폼은 57개 이상의 유동성 제공업체와 1,000명 이상의 기관 고객에게 서비스를 제공하며, 금리 스왑, 단일 기업 신용 부도 스왑 및 신용 부도 스왑 지수에서 하루 평균 5,900억 달러의 거래량을 지원하고 있습니다.
Tradeweb는 2005년부터 전자 파생상품 거래를 선도해 왔으며, 최초의 전자 스왑 압축 거래 및 전자 SOFR 스왑 스프레드 거래 등 여러 혁신을 도입했습니다. 2024년에는 Tradeweb가 글로벌 금리 파생상품에서 하루 평균 7,833억 달러의 거래량을 보고했습니다.
Tradeweb Markets (Nasdaq: TW) a annoncé l'approbation de la SEC pour son infrastructure d'exécution des swaps, TW SEF, afin de s'enregistrer en tant qu'infrastructure d'exécution de swaps basés sur des titres (SBSEF) conformément à la réglementation SE. Cet enregistrement permet aux clients institutionnels de négocier des swaps de défaillance de crédit sur des noms uniques via TW SEF en conformité avec les nouvelles exigences réglementaires.
TW SEF s'est imposé comme la plus grande infrastructure d'exécution des swaps pour les swaps vanilla, traitant plus de 150 trillions de dollars de transactions en 2024, représentant 52 % du volume total de l'industrie SEF. La plateforme sert actuellement plus de 57 fournisseurs de liquidité et plus de 1 000 clients institutionnels, facilitant un volume quotidien moyen de 590 milliards de dollars en swaps de taux d'intérêt, swaps de défaut sur noms uniques et indices de swaps de défaut.
Tradeweb est pionnier dans le trading électronique de dérivés depuis 2005, ayant introduit de nombreuses innovations, y compris le premier échange électronique de compression de swaps et le trading électronique des spreads de swaps SOFR. En 2024, Tradeweb a rapporté un volume de trading quotidien moyen de 783,3 milliards de dollars dans les dérivés de taux mondiaux.
Tradeweb Markets (Nasdaq: TW) gab die Genehmigung durch die SEC für seine Swappausführungsstelle, TW SEF, bekannt, um sich gemäß der Vorschrift SE als eine bei Wertpapieren basierte Swappausführungsstelle (SBSEF) registrieren zu lassen. Diese Registrierung ermöglicht es institutionellen Kunden, Einzel-Name-Credit-Default-Swaps über TW SEF im Einklang mit den neuen regulatorischen Anforderungen zu handeln.
TW SEF hat sich als die größte Swappausführungsstelle für Vanilla-Swaps etabliert und bearbeitet im Jahr 2024 über 150 Billionen Dollar an Transaktionen, was 52 % des branchenweiten SEF-Volumens entspricht. Die Plattform bedient derzeit mehr als 57 Liquiditätsanbieter und über 1.000 institutionelle Kunden und erleichtert ein durchschnittliches tägliches Volumen von 590 Milliarden Dollar in Zinsderivaten, Einzel-Name-Default-Swaps und Credit-Default-Swap-Indizes.
Tradeweb ist seit 2005 Pionier im elektronischen Handel mit Derivaten und hat zahlreiche Innovationen eingeführt, darunter den ersten elektronischen Swap-Kompressionshandel und den elektronischen SOFR-Swap-Spread-Handel. Im Jahr 2024 berichtete Tradeweb von durchschnittlichen täglichen Handelsvolumina von 783,3 Milliarden Dollar bei globalen Zinsderivaten.
- Secured SEC approval for SBSEF registration, enabling expansion into single-name CDS trading
- Dominates SEF market with 52% market share and $150 trillion in 2024 trading volume
- Strong platform adoption with 57+ liquidity providers and 1,000+ institutional clients
- Robust average daily volume of $590 billion in 2024
- None.
Insights
The SEC's approval of Tradeweb's SBSEF registration marks a strategic expansion of their regulatory framework, positioning them as an early mover in the evolving security-based swaps landscape. This approval is particularly significant as it:
- Enables Tradeweb to capture market share in the single-name CDS space, complementing their already dominant position in vanilla swaps where they command 52% market share
- Strengthens their competitive moat through regulatory compliance, creating higher barriers to entry for potential competitors
- Demonstrates their continued leadership in market structure innovation, following their history of "firsts" in electronic trading
The impressive
Looking ahead, this approval could accelerate the electronification of single-name CDS trading, potentially driving higher volumes and market share gains for Tradeweb. Their established technological infrastructure and deep liquidity networks provide a strong foundation for capturing this growth opportunity while maintaining their leadership position in the derivatives trading ecosystem.
This milestone follows the SEC’s new Regulation SE requirements mandating that any trading system or platform facilitating the trading or execution of security-based swaps (SBS) among participants, as delineated in the requirements, register with the SEC as either an SBSEF or a national securities exchange. With this approval, TW SEF is now eligible to operate as an SBSEF, thereby enabling institutional clients to trade single-name credit default swaps (CDS) via TW SEF in compliance with this new regulatory framework.
Elisabeth Kirby, Managing Director, Head of Market Structure at Tradeweb said: “This regulatory approval represents a significant step forward in fostering more transparency for institutional single-name CDS markets. As a pioneer in electronic derivatives trading and a leading electronic trading platform for credit markets, Tradeweb is uniquely positioned to work with regulators on initiatives that enhance transparency, efficiency and liquidity in these markets while ensuring compliance with evolving regulatory standards.”
Since 2005, Tradeweb has been a leader in bringing greater transparency and innovation to the EUR, GBP and USD interest rate swaps markets, advancing the derivatives industry forward with numerous firsts such as the first electronic swap compression trade, electronic swaptions trading, electronic cleared inflation swap, multi-asset package trades and first fully electronic SOFR swap spread trade. In 2007, Tradeweb launched its multilateral trading facility (MTF), bringing further transparency to clients trading swaps in the EU and
Today, TW SEF is the largest swap execution facility for vanilla swaps, with over
About Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 50 products to clients in the institutional, wholesale, retail and corporates markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves more than 2,800 clients in more than 70 countries. On average, Tradeweb facilitated more than
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our outlook and future performance, the industry and markets in which we operate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. In particular, preliminary average variable fees per million dollars of volume traded are subject to the completion of management’s final review and our other financial closing procedures and therefore are subject to change. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if future events, our results of operations, financial condition or liquidity, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of events, results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129673643/en/
Media contacts:
Daniel Noonan, Tradeweb
+1 646 767 4677
Daniel.Noonan@Tradeweb.com
Savannah Steele, Tradeweb
+1 646 767 4941
Savannah.Steele@Tradeweb.com
Investor contacts:
Ashley Serrao, Tradeweb
+1 646 430 6027
Ashley.Serrao@Tradeweb.com
Sameer Murukutla, Tradeweb
+1 646 767 4864
Sameer.Murukutla@Tradeweb.com
Source: Tradeweb Markets Inc.
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