a swap execution facility ( sef ) ( sometimes swaps execution facility ) is a platform for financial swap trading that provides pre-trade information ( i.e. bid and offer prices ) and a mechanism for executing swap transactions among eligible participants .

swap execution facilities are regulated by the securities and exchange commission and the commodity futures trading commission .

the regulated trading of certain swaps is a result of requirements in the united states by the dodd – frank wall street reform and consumer protection act ( in particular title vii ) .

financial swaps have traditionally been traded in over-the-counter ( otc ) markets .

however , regulatory changes have driven reporting , clearing , and settlement functions to sefs , which are much more tightly regulated .

the sef-execution mandate responds to one of the four derivatives-related european union , have proposed similar changes in swap market structure but none have yet been adopted .

as of october 2 , 2013 , any swap listed by a sef may be traded by the parties on the sef , but may also be traded off-sef in any other lawful manner .

the swaps that must be traded on sefs are both subject to a cftc-centralized clearing mandate and have been determined to be " made available to trade " ( mat ) by at least one sef .

four categories of interest rate swaps and two categories of credit default swaps are currently subject to clearing mandates .

swap execution facility

( 2 ) listing requirement . a swap execution facility that makes a swap available to trade must demonstrate that it lists or offers that swap for trading on its trading system or platform .
( sec . 733 ) requires a swaps trading or processing facility to : ( 1 ) be registered as either a swap execution facility or as a designated contract market ; and ( 2 ) maintain a risk analysis and oversight program . prescribes core principles for swap execution facilities .
( d ) removal— ( 1 ) determination . the commission may issue a determination that a swap is no longer available to trade upon determining that no swap execution facility or designated contract market lists such swap for trading .
docket number : cftc - 2013 - 0055 docket name : process for a designated contract market or swap execution facility to make a swap available to trade , etc . docket rin 3038 - ad18
( b ) factors to consider . to make a swap available to trade , for purposes of section 2 ( h ) ( 8 ) of the act , a swap execution facility shall consider , as appropriate , the following factors with respect to such swap :
is 360t registered as a swap execution facility ( sef ) ? yes , 360t was granted full sef registration by the us commodity futures trading commission ( cftc ) on 22 january 2016 .
( c ) applicability . upon a determination that a swap is available to trade on any swap execution facility or designated contract market pursuant to part 40 of this chapter , all other swap execution facilities and designated contract markets shall comply with the requirements of section 2 ( h ) ( 8 ) ( a ) of the act in listing or offering such swap for trading .
209 . see core principles and other requirements for swap execution facilities ( may 16 , 2013 ) .
230 . see core principles and other requirements for swap execution facilities ( may 16 , 2013 ) .
swap dealers and major swap participants may have their own reporting obligations under the cftc regulation .
( c ) applicability . ( 1 ) upon a determination that a swap is available to trade on any designated contract market or swap execution facility pursuant to part 40 of this chapter , all other designated contract markets and swap execution facilities shall comply with the requirements of section 2 ( h ) ( 8 ) ( a ) of the act in listing or offering such swap for trading .
sec proposes rules for security - based swap execution facilities ; 2011 - 35 ; feb . 2 , 2011
finally , the commission notes that a trading facility could still clear and list a swap for trading after it is determined to be subject to the trade execution requirement , but prior to the effective date .
other commenters asserted that the clearing determination considers a swap ' s trading liquidity and therefore already addresses whether the swap should be subject to mandatory trade execution .
specifies general duties for registered security - based swap dealers and major security - based swap participants .
i respectfully dissent from the commission ' s approval today of the rule establishing process for a designated contract market or swap execution facility to make a swap available to trade under section 2 ( h ) ( 8 ) of the commodity exchange act ( cea ) .
prohibits the board from establishing any program or facility without the prior approval of the secretary of the treasury .
grants the sole right to select the clearing agency at which a security - based swap will be cleared to a person that is not a swap dealer , major swap participant , security - based swap dealer , or major security - based swap participant but is counterparty to such a swap that is subject to the mandatory clearing requirement and entered into by a security - based swap dealer or a major security - based swap participant .
the dodd - frank act defines a swap execution facility ( sef ) .
a facility , trading system or platform in which multiple participants ( can ) execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system , through any means of interstate commerce .
in short , there are now several approved platforms under the sef umbrella which allow for multiple bids and offers .
the us commodity futures trading commission ( cftc ) has granted blockchain startup ledgerx its formal registration as a swap execution facility ( sef ) , making it the second company ever to be granted the ability to trade digital currency derivatives .
definition of a security - based swap execution facility ( sb - sef ) : a system or platform that allows more than one participant to interact with the trading interest of more than one other participant on the system or platform .
at its december 5 , 2011 open meeting , the cftc approved a proposed rulemaking that would further define the process by which a swap execution facility or designated contract market shall make a swap
available for trade
under section 2 ( h ) ( 8 ) of the commodity exchange act .
security - based swap repositories : proposed rules regarding the registration and regulation of security - based swap data repositories .
the commodity futures trading commission ( “commission” ) is adopting regulations that establish a process for a designated contract market ( “dcm” ) or swap execution facility ( “sef” ) to make a swap subject to the trade execution requirement pursuant to the commodity exchange act ( “cea” ) . the commission is also adopting regulations to establish a schedule to phase in compliance with the trade execution requirement . the schedule will provide additional time for compliance with this requirement .
security - based swap conflicts : proposed rules intended to mitigate conflicts of interest for security - based swap clearing agencies , security - based swap execution facilities , and national securities exchanges that post security - based swaps or make them available for trading .
on may 16 , 2013 , the cftc approved a final rule that sets the process by which a designated contract market or swap execution facility shall make a swap
available to trade .
the rule entered the federal register on june 4 , 2013 ; its effective date is august 5 , 2013 .
( sec . 1109 ) directs the comptroller general to conduct a one - time audit of , and report to congress on , all financial assistance provided between december 1 , 2007 , and the date of enactment of this act by either the board or a federal reserve bank under the asset - backed commercial paper money market mutual fund liquidity facility , the term asset - backed securities loan facility , the primary dealer credit facility , the commercial paper funding facility , the term securities lending facility , the term auction facility , maiden lane , maiden lane ii , maiden lane iii , the agency mortgage - backed securities program , foreign currency liquidity swap lines , and certain other programs . requires the board to publish on its website specified information about such assistance and its recipients .
requires : ( 1 ) each swap to be reported to a registered swap data repository ; and ( 2 ) public reporting on a semiannual and annual basis of aggregate swap data .
establish and enforce rules governing , among other things , the terms and conditions of security - based swaps traded on their markets ; any limitation on access to the facility ; trading , trade processing and participation ; and the operation of the facility .
security - based swap reporting : proposed new rules entailing how security - based swap transactions should be reported and publicly disseminated .
( a ) ( 1 ) required submission . a swap execution facility that makes a swap available to trade in accordance with paragraph ( b ) of this section , shall submit to the commission its determination with respect to such swap as a rule , as that term is defined by § 40 . 1 of this chapter , pursuant to the procedures under part 40 of this chapter .
* the u . s . commodity futures trading commission ( cftc ) has approved the application of chicago mercantile exchange inc . ( cme sef ) for temporary registration as a swap execution facility ( sef ) pursuant to cftc regulation 37 . 3 ( c ) .
a swap execution facility ( sef ) is a platform that allows participants to buy and sell swaps in a regulated and transparent manner . through a mandate in the dodd - frank wall street reform and consumer protection act , sefs change the methods previously used to trade derivatives .
before dodd - frank , the trading of swaps was traded exclusively in over - the - counter markets with little transparency or oversight . as a result , the expected role of the swap execution facility allows for transparency and provides a complete record and audit trail of trades .
swap execution facilities , or sefs , are electronic trading platforms for over - the - counter ( otc ) derivatives . sefs were mandated by us
sec proposes rules for security - based swap execution facilities . u . s . securities and exchange commission . retrieved on february 4 , 2011 .
the rules governing the execution of swap indices on sefs were finalised on 16 may 16 2013 . the key dates relating to these rules are :
swaps execution facilities ( sefs ) | u . s . commodity futures trading commission
separately , various market participants have submitted to the commission and the division comments and requests regarding the implementation of the trade execution requirement with respect to “package transactions , ” or transactions involving more than one swap or financial instrument and at least one swap subject to the trade execution requirement . the division clarifies that the inclusion of a swap subject to the trade execution requirement in a multi - legged transaction would not per se relieve market participants of the obligation to trade such swap through a dcm or sef .
cftc announces measures to promote trading on swap execution facilities and support an orderly transition to mandatory trading . cftc . retrieved on february 11 , 2014 .
i support the final rulemaking to implement a process for swap execution facilities ( sefs ) and designated contract markets ( dcms ) to “make a swap available to trade” ( mat ) . today ' s rule also finalizes the commission ' s separate rule proposal to phase in compliance for the trade execution requirement .
all swaps that have been ‘made available to trade’ ( mat ) by any swap execution facility ( sef ) or board of trade designated as a contract market ( dcm ) must be traded on a sef or dcm . these swaps are a sub - set of those subject to the cftc’s clearing mandate ;
210 . see procedures to establish appropriate minimum block sizes for large notional off - facility swaps and block trades ( may 16 , 2013 ) .
( sec . 716 ) prohibits federal assistance to a swaps entity with respect to any swap , security - based swap , or other activity . excludes from the definition of
swaps entity
any major swap participant or major security - based swap participant that is an insured depository institution .
section 723 ( a ) ( 3 ) of the dodd - frank act added section 2 ( h ) ( 8 ) of the commodity exchange act ( “cea” ) to require that swap transactions subject to the clearing requirement must be traded on either a designated contract market ( “dcm” ) or swap execution facility ( “sef” ) , unless no dcm or sef “makes the swap available to trade” or the transaction is not subject to the clearing requirement under section 2 ( h ) ( 7 ) ( the “trade execution requirement” ) . [ 1 ]
title xvi : section 1256 contracts - amends the internal revenue code to exclude from the definition of a section 1256 contract any interest rate swap , currency swap , basis swap , interest rate cap , interest rate floor , commodity swap , equity swap , equity index swap , credit default swap , or similar agreement . ( thus shields such instruments from treatment as sold for its fair market value [ marked to market ] on the last business day of the taxable year for capital gains or loss taxation purposes ) .
defining security - based swap terms : proposed jointly with the commodity futures trading commission new rules that would further define a series of terms related to the security - based swaps market , including
swap dealer ,
security - based swap dealer ,
major swap participant ,
major security - based swap participant
and
eligible contract participant .
as such , dodd - frank requires security - based swap transactions that are required to be cleared through a clearing agency to be executed on an exchange or on a new trading system called a security - based swap execution facility . the dodd - frank act , however , states that the transaction need not be executed on a security - based sef or exchange if no security - based sef or exchange makes the security - based swap
available to trade .
dodd - frank requires any swap subject to the clearing mandate to be traded and executed either on a new type of regulated trading platform called a swap execution facility ( sef ) or on a regulated trading platform on which futures have traditionally traded ( a designated contract market , or dcm ) . a swap that is not required to be executed on a regulated trading platform could continue to be executed either bilaterally or through voice brokers that are not regulated as sefs .
directs the cftc to adopt data collection and maintenance requirements for swaps cleared by dcos that are comparable to the corresponding requirements for : ( 1 ) swaps data reported to swap data repositories ; and ( 2 ) swaps traded on swap execution facilities .
the trade execution mandate was designed to promote transparency and market liquidity . in contrast to the clearing mandate — and as acting chairman giancarlo noted in his 2015 white paper on sef rules — dodd - frank contemplates no process for , or even issuance of , a determination of which swaps are
made available to trade
( mat ) . rather , the statute simply provides that a swap that is required to be cleared must be traded and executed on an sef or dcm unless
no board of trade or swap execution facility makes the swap available to trade .
( sec . 726 ) requires the cftc to adopt conflict of interest rules which may include numerical limits on the control of , or the voting rights with respect to , any dco that clears swaps , or swap execution facility or board of trade designated as a contract market that posts swaps or makes swaps available for trading , by a bank holding company with total consolidated assets of $ 50 billion or more , a nonbank financial company supervised by the board , an affiliate of such a bank holding company or nonbank financial company , a swap dealer , major swap participant , or associated person of a swap dealer or major swap participant .
prescribes rules for the conduct of swaps or security - based swap activities by a bank or bank holding company permitted to be or become a swap entity .
title vii : wall street transparency and accountability - wall street transparency and accountability act of 2010 - subtitle a : regulation of over - the - counter swaps markets - part i : regulatory authority - ( sec . 712 ) directs the commodity futures trading commission ( cftc ) and the sec to consult and coordinate with one another and with the prudential regulators before commencing any rulemaking or issuing an order regarding swaps , swap dealers , major swap participants , swap repositories , persons associated with a swap dealer or major swap participant , eligible contract participants , or swap execution facilities .
swap execution facilities ( sefs ) were given life by the dodd - frank act , which requires over - the counter ( otc ) swaps to be cleared and traded on this new type of regulated platform . any swap that is
made available to trade
must trade on designated contract market or a sef . the cftc has been given the responsibility to monitor swap execution facilities ; the sec has jurisdiction over security - based sefs .
a swap dealer is an individual who acts as the counterparty in . . .
the commission believes that an initial determination that a swap is available to trade should be made by a sef or a dcm that offers the swap for trading .
on january 7 , 2011 , the cftc offered its proposed rules regarding swap execution facilities . the open period for comment letters ran from from january 7 to march 8 , 2011 .
the commodity futures trading commission is correcting a final rule that appeared in the federal register of june 4 , 2013 ( 78 fr 33476 ) . the final rule applies to the registration and operation of a new type of regulated entity named a swap execution facility , and implements provisions of the dodd - frank wall street reform and consumer protection act .
learn about the history of swap agreements , the first swap agreement between ibm and the world bank , and how swaps have evolved . . . read answer > >
4 . swap transaction compliance and implementation schedule : clearing and trade execution requirements under section 2 ( h ) of the cea , 76 fr 58186 ( sep . 20 , 2011 ) .
cme group has received temporary registration as a swap execution facility ( sef ) in addition to our current exchanges and trading platforms . our sef is governed by the sef rulebook . our offering will provide the greatest operational flexibility possible to meet our customers needs . we will initially launch with commodities and we are currently evaluating additional asset classes based on customer demand .
( sec . 763 ) amends the securities exchange act of 1934 to prescribe requirements for clearing procedures and execution of security - based swaps , including requirements for : ( 1 ) swap execution facilities ; ( 2 ) segregation of assets held as collateral in security - based swap transactions ; and ( 3 ) position limits and accountability for security - based swaps and large trader reporting .
have rules and procedures to ensure the financial integrity of security - based swaps entered on or through the facility , including the clearance and settlement of security - based swaps .
on february 10 , 2014 , the commission issued no - action relief from the mandatory execution requirement for swaps that are part of a
package transaction
- transactions involving more than one swap or financial instrument ( often referred to as “component legs” ) and at least one swap subject to the trade execution requirement . the letter offers relief until may 15 , 2014 . view letter .
the cftc made its first determinations on january 16 , 2014 , making february 15 , 2014 the date at which the first swaps will be subject to the execution requirements . subsequent determinations were made on january 26 and 28 . for more information on rulemakings related to swap execution facilities , click here .
other commenters thought that the process would create uncertainty as to which swaps are subject to mandatory trade execution .
several commenters recommended that the trade execution requirement should become effective only after the clearing requirement is fully implemented .
mandatory trade execution , would not require the commission , or a sef or dcm to expend any resources .
the commission is not adopting a separate process for a sef or dcm to submit a determination that a swap is no longer available to trade . rather , the commission believes that where all sefs and dcms that had listed a swap for trading , including the sef or dcm that submitted the initial available - to - trade determination under part 40 , no longer list that swap for trading on their respective facility or platform , ( i . e . , all such sefs and dcms have “de - listed” the swap ) , [ 140 ] then the commission would deem the swap to be no longer available to trade . in such a case , trading in the swap would no longer be subject to the trade execution requirement . the commission believes that this approach is consistent with section 2 ( h ) ( 8 ) of the cea , which states a swap would otherwise not be subject to the trade execution requirement if , among other things , no sef or dcm makes it available to trade .
the final rule promotes the trading of swaps on sefs and dcms by establishing a process that specifies when a swap is available to trade ; once a swap is deemed available to trade , that swap must be traded on a sef or dcm if it is subject to the clearing requirement . accordingly , the adopted process will promote market efficiency and competitiveness by ( 1 ) informing market participants of when the trade execution requirement applies and ( 2 ) prescribing the methods by which all market participants may execute a particular swap , depending on whether the trade execution requirement applies .
part ii : regulation of swap markets - ( sec . 722 ) amends the cea with respect to cftc exclusive jurisdiction over accounts , agreements and transactions involving swaps , and contracts of sale executed on a swaps execution facility . states that such cftc jurisdiction limits neither the jurisdiction conferred by this act upon the sec with respect to security - based swap agreements and security - based swaps , nor sec authority with respect to related agreements , contracts , or transactions .
as i explain below , the rule provides illusory comfort that the commission will have a legal authority to review and , if necessary , challenge a mandatory trading determination made by a swap execution facility ( sef ) or designated contract market ( dcm ) . in fact , the only authority that the commission has is to “rubber stamp” a sef or dcm ' s initial determination .
proposed §§ 37 . 10 ( c ) ( 1 ) and 38 . 12 ( c ) ( 1 ) required that upon the commission deeming that a swap is available to trade based on a sef or dcm submission , all other sefs and dcms listing or offering for trading such swap and / or any economically equivalent swap must make those swaps available to trade for purposes of the trade execution requirement under section 2 ( h ) ( 8 ) of the cea . the commission defined “economically equivalent swap” under proposed §§ 37 . 10 ( c ) ( 2 ) and 38 . 12 ( c ) ( 2 ) as a swap that the sef or dcm determines to be economically equivalent with another swap after consideration of each swap ' s material pricing terms . the commission also noted that if a dcm or sef makes a swap available to trade , then the proposed rule would not require other dcms and sefs to list or offer that swap , or an economically equivalent swap , for trading .
ici stated that applying the determination to only one sef or dcm would be inconsistent with the trade execution requirement .
security - based swap fraud : proposed a new rule to help prevent fraud , manipulation , and deception in connection with the offer , purchase or sale of any security - based swap as well as in connection with ongoing payments and deliveries under a security - based swap .
( sec . 728 ) requires a person to register with the cftc as a swap data repository regardless of whether the person is also licensed as a bank or registered with the sec as a swap data repository . allows a dco to register as a swap data repository . prescribes requirements and duties for swap data repositories , including designation of a chief compliance officer .
in order to further consider any operational issues concerning the building of transaction order entry and execution technology to facilitate the trading of such package transactions , consistent with the trade execution requirement , acting chairman mark wetjen has directed the division to hold a public roundtable on execution issues related to package transactions . based upon public input , the division will consider whether and under what conditions to grant limited relief for package transactions to ensure proper implementation of the execution mandate .
the process set forth in §§ 37 . 10 and 38 . 12 will advance the congressional goal of promoting swap execution and developing a centralized trading market that facilitates price discovery in the manner as described below .
a dormant swap execution facility defined in cftc regulation 40 . 1 ( f ) , is any sef on which no trading has occurred during a period of twelve consecutive calendar months , preceding the first day of the most recent calendar month . however , no sef shall be considered to be dormant if its initial and original commission order of registration was issued within the preceding 36 consecutive calendar months .
maintain records of activity relating to the facility ' s business , including a complete audit , for a period of five years and to report such information to the commission , upon request .
( 2 ) listing requirement . a designated contract market that makes a swap available to trade must demonstrate that it lists or offers that swap for trading on its trading system or platform .
for reasons discussed below , the cost and benefits associated with requiring mandatory trade execution immediately upon making a swap available to trade and requiring it to be cleared , or after some longer versus shorter period of delay , are not susceptible to meaningful quantification . costs and benefits associated with trade execution are independent of costs and benefits of implementing mandatory trade execution itself and pertain exclusively to the pace of implementation . the commission is not aware of any analog ,
sets forth registration and oversight requirements governing security - based swap execution facilities . allows dual registration with the cftc . permits trading by such facilities only in security - based swaps that are not readily susceptible to manipulation .
a stock swap is the exchange of one equity - based asset for another . . . .
90 . as noted above , the commission believes that the mere listing or offering for trading of a swap on a dcm or sef does not mean that the swap is available to trade .
( sec . 1102 ) . authorizes the comptroller general to conduct audits and onsite examinations , if appropriate , of the federal reserve board , a federal reserve bank , or a credit facility , solely for the purposes of assessing : ( 1 ) the operational integrity , accounting , financial reporting , and internal controls governing special federal reserve credit facilities or a covered transaction ( any open market transaction or discount window advance ) ; ( 2 ) the effectiveness of the security and collateral policies established for the facility or covered transaction in mitigating risk to the federal reserve bank and taxpayers ; ( 3 ) whether the credit facility or the conduct of a covered transaction inappropriately favors one or more specific participants over other institutions eligible to utilize the facility ; and ( 4 ) the policies governing the use , selection , or payment of third - party contractors by or for any credit facility or to conduct any covered transaction . requires the comptroller to report to congress on each such audit .
( sec . 765 ) directs the sec to adopt conflict of interest rules with respect to security - based swaps clearing agencies , security - based swap execution facilities , national securities exchanges that post or make security - based swaps available for trading , bank holding companies with total consolidated assets of $ 50 billion or more , nonbank financial companies supervised by the federal reserve board , and affiliates of such a bank holding company or nonbank financial company , a security - based swap dealer , major security - based swap participant , or person associated with a security - based swap dealer or major security - based swap participant .
69 . the commission notes that such swap would be certified or approved under § 40 . 2 or § 40 . 3 of the commission ' s regulations prior to listing the swap for trading .
washington , dc — the commodity futures trading commission ( cftc or commission ) division of market oversight ( division ) today announced that javelin sef , llc’s ( javelin ) self - certification of available - to - trade determinations ( mat determinations ) for certain interest rate swap contracts , as described below , is deemed certified . under commission regulations , the swaps that are subject to these mat determinations , whether listed or offered by javelin or any other designated contract market ( dcm ) or swap execution facility ( sef ) , will become subject to the trade execution requirement under section 2 ( h ) ( 8 ) of the commodity exchange act 30 days after certification , on february 15 , 2014 . all transactions involving swaps that are subject to the trade execution requirement , as described below , must be executed through a dcm or a sef . to the extent that swaps subject to the trade execution requirement are executed on a sef , they must be executed in accordance with the execution methods prescribed by commission regulation .
block trade thresholds for swaps vary by instrument and are based on the tenor and spread of the swap . block trades are exempt from the minimum execution methods of required transactions but must be processed on a sef or dcm .
subtitle b : regulation of security - based swap markets - ( sec . 762 ) amends the gramm - leach - bliley act to repeal the prohibition against regulation of a security - based swap agreement .
with respect to marketaxess ' s comment , the commission does not believe that the costs associated with the determination process pose a barrier to entry for trading platforms . the rule does not affirmatively require a sef or dcm to first submit to the commission that a swap is available to trade via a part 40 filing in order to list or offer that swap for trading on its platform . if one sef or dcm makes the swap available to trade through the part 40 process , then other sefs and dcms who subsequently choose to list or trade the swap are only required to do so through methods of execution consistent with the trade execution requirement . the commission notes that in order to register and operate as a sef , a trading platform or facility must already be able to demonstrate that they offer certain minimum functionality in terms of methods of execution ( i . e . , a central limit order book ( “clob” ) or request - for - quote ( “rfq” ) system ) . [ 230 ]
final §§ 37 . 12 and 38 . 11 establishes a compliance schedule following a determination that a swap is subject to the trade execution requirement under section 2 ( h ) ( 8 ) of the cea . market participants are required to comply with the trade execution requirement upon the later of ( 1 ) the applicable deadline established under the compliance and implementation schedule for the clearing requirement for a swap under section 2 ( h ) ( 1 ) of the cea ; [ 282 ] or ( 2 ) 30 days after the swap is first made available to trade on either a sef or dcm . absent this final rule , market participants would have been required to comply with the trade execution requirement immediately after a swap is determined to be available to trade and required to be cleared . to provide further flexibility to registrants and market participants , the commission is exercising its discretion to stagger implementation of the trade execution requirement .
the cftc has proposed , and in many cases finalized , new rules , guidance and acceptable practices to implement the new section 5h to the commodity exchange act ( cea ) concerning the registration and operation of sefs , as well as new section 2 ( h ) ( 8 ) to the cea concerning the listing , trading and execution of swaps on sefs . these regulations will require , among other things , that swaps subject to the clearing requirement of section 2 ( h ) ( 1 ) be executed on either designated contract market ( dcm ) or a swap execution facility , unless no dcm or sef
made the swap available for trading .
[ 3 ]
the commodity futures trading commission staff announces trade execution mandate for certain interest rate swaps | u . s . commodity futures trading commission
the trade execution requirement at the same time , rather than through a phased - in approach , to avoid fragmenting market liquidity .
proposed §§ 37 . 10 ( c ) and 38 . 12 ( c ) required that upon a determination that a swap is available to trade by a sef or dcm , all other dcms and sefs listing or offering that swap or an economically equivalent swap for trading must also make those swaps available to trade .
the legal action came after many in the swaps industry had raised concerns that the cftc was pushing the trading of otc derivatives towards exchanges , rather than the swap execution facilities ( sefs ) created as a result of dodd - frank .
required transactions are certain ‘made available to trade’ ( mat ) cds transactions not subject to a block trade exemption that comply with the trade execution mandate under dodd frank . these swaps must be executed on a sef or dcm using one of the minimum execution methods .
( such as a mat swap vs . a single name cds or cash bond on the secondary market )
on feb . 2 , 2011 , the securities and exchange commission voted unanimously to propose rules defining security - based swap execution facilities ( sefs ) and establishing their registration requirements , as well as their duties and core principles . [ 5 ]
to prevent evasion of the trade execution requirement through slight modification of a swap ' s terms , some commenters recommended that the commission should rely on its anti - evasion authority under section 6 ( e ) of the cea . [ 123 ]
287 . similarly , where a swap first becomes subject to the clearing requirement before being made available to trade , the clearing determination would alert market participants to the fact that specific classes of swaps may become subject to the trade execution requirement .
could mandatory electronic execution of over - the - counter ( otc ) derivatives , stemming from the 2009 g20 pittsburgh summit , act as the catalyst in spawning new business models ? jim myers , kimon mikroulis and paul gibson discuss the impact of mandatory electronic execution for certain otc products under the most advanced of these electronic mandates , dodd - frankís swap execution facilities ( sef ) . as the otc markets are entering a phase of rapid evolution , concepts that were originally created in the exchange - traded world , such as sponsored access , agency execution and general price aggregation , are emerging as critical issues to be addressed by otc market participants .
©2017 marketaxess holdings inc . ( the “company” ) . marketaxess , trade on and the marketaxess logo are trademarks of the company . marketaxess corporation , member of finra and sipc . marketaxess sef corporation is temporarily registered as a swap execution facility with the cftc . marketaxess europe limited and xtrakter limited are each authorised and regulated by the uk financial conduct authority . trax is a trading name of xtrakter limited , and the trax logo is a trademark of xtrakter limited .
several commenters proposed that the commission , not sefs and dcms , should maintain the exclusive authority to determine whether a swap is available to trade . [ 249 ] commenters expressed concern that illiquid swaps would become subject to the trade execution requirement if sefs and dcms were allowed to make the determination based on their incentives to maximize the number of swaps traded on a facility or platform . [ 250 ] cme stated a commission - based review of whether a swap is available to trade would lead to a more “logical and efficient” use of commission and industry resources . [ 251 ]
159 . see swap transaction compliance and implementation schedule : clearing and trade execution requirements under section 2 ( h ) of the cea , 76 fr 58186 ( sep . 20 , 2011 ) . in this final rule , the commission is finalizing the compliance and implementation schedule for the trade execution requirement , and therefore , addresses the relevant comments submitted in response to this proposed rule .
washington , dc – the commodity futures trading commission ( cftc or commission ) is requesting public comment on a certification from javelin sef , llc ( javelin ) to implement available - to - trade determinations for certain interest rate swap contracts . javelin submitted its available - to - trade determinations to the commission on a self - certified basis pursuant to commission regulations 37 . 10 and 40 . 6 . if javelin’s submission is deemed certified by operation of commission regulation 40 . 6 , such swap contracts , whether listed or offered by javelin or any other designated contract market ( dcm ) or swap execution facility ( sef ) , will be subject to the trade execution requirement under section 2 ( h ) ( 8 ) of the commodity exchange act ( cea ) . all transactions involving swaps that are subject to the trade execution requirement generally must be executed on either a dcm or a sef . in addition , to the extent that such transactions are executed on a sef , they must be executed in accordance with the execution methods prescribed by commission regulation 37 . 9 ( a ) ( 2 ) .
prohibits the use of taxpayer funds or resources : ( 1 ) to prevent the receivership of any swap entity resulting from its swap or security - based swap activity ; or ( 2 ) for the orderly liquidation of any swaps entities that are non - fdic insured , non - systemically significant institutions not subject to heightened prudential supervision .
the fnprm requested comment on whether the commission should allow a sef or dcm , in evaluating the factors under proposed §§ 37 . 10 ( b ) and 38 . 12 ( b ) , to consider ( 1 ) the same swap or an economically equivalent swap on another sef or dcm ; and ( 2 ) the amount of activity in the same swap or an economically equivalent swap available primarily or solely in bilateral transactions . [ 81 ]
makes liable for certain double civil money penalties any dco , swap dealer , or major swap participant that knowingly or recklessly evades , or participates in or facilitates an evasion of , specified requirements for certain transactions in exempt commodities .
authorizes the cftc , the sec , and the prudential regulators to agree to information - sharing arrangements necessary or appropriate in the public interest or for the protection of investors , swap counterparties , and security - based swap counterparties .
authorizes such a counterparty to any security - based swap that is not subject to the mandatory clearing requirement to elect to require clearing of the swap . grants such a counterparty also the sole right to select the clearing agency .
i have deep reservations about the process that the commission is proposing for “making a swap available to trade . ”
by michael beth , vice president , equity & derivative trading , wallachbeth capital . regulatory changes have created the need for increased execution transparency .
the retail platform is a go - to source for advisors and traders who need fast , reliable execution for their fixed income trading needs .
205 . sefs are a new type of regulated marketplace modeled largely on the existing commission - regulated dcm structure . section 1a ( 50 ) of the cea , as enacted by section 721 of the dodd - frank act , defines a sef as “a trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants in the facility or system , through any means of interstate commerce , including any trading facility , that ( a ) facilitates the execution of swaps between persons ; and ( b ) is not a designated contract market . ” 7 u . s . c . 1 a ( 50 ) . section 5h ( a ) ( 1 ) of the cea , as amended by the section 733 of the dodd - frank act , prohibits any person from operating a facility for the trading and processing of swaps unless the facility is registered as a sef or a dcm . 7 u . s . c . 7 b - 3 ( a ) ( 1 ) .
part two looks at the changes to the overall market structure brought about by new regulation . though the swap execution facility is a new entity as defined by dodd - frank , an ecosystem of platforms and processes for the trading otc derivatives has been in place for decades . the introduction of new requirements for quoting , clearing and data transmission significantly altered the competitive landscape among inter - dealer brokerage firms ( idbs ) and dealer - to - client platforms . click to view part ii
( sec . 734 ) amends the cea to repeal requirements for derivatives transaction execution facilities and an election for registration by exempt boards of trade .
mfa commented that allowing mandatory trade execution to become effective simultaneously with mandatory clearing would potentially dilute market participants ' resources to comply with both requirements .
‘permitted transactions’ ( see below ) may trade via any means of execution as long as the sef offers an order book as a minimum functionality .
washington , d . c . , feb . 2 , 2011 — the securities and exchange commission today voted unanimously to propose rules defining security - based swap execution facilities ( sefs ) and establishing their registration requirements , as well as their duties and core principles .
some commenters stated that the commission should allow sefs and dcms to submit determinations for a group , category , type , or class of swap . [ 72 ] in defining “group , category , type , or class” of swap , aima stated that the commission should take into account specific characteristics of certain swaps to avoid subjecting certain illiquid swaps to mandatory trade execution . [ 73 ]
( sec . 714 ) authorizes the cftc and the sec to collect information concerning the markets for any types of swap or security - based swap and report on those detrimental to the stability of a financial market or of its participants .
requires recovery of all funds expended on the termination or transfer of the swap or security - based swap activity of a swaps entity from the disposition of the entity ' s assets or through assessments , including assessments on the financial sector .
deems a swap cleared by or through a dco to be a commodity contract with regard to all money , securities , and property of any swaps customer received by a futures commission merchant or a dco to margin , guarantee , or secure the swap ( including money , securities , or property accruing to the customer as the result of the swap ) .
a gypsy swap allows a company to raise capital without issuing debt or holding a secondary offering . read answer > >
cftc swap - trading rules may limit market entrants , moody’s says . bloomberg . retrieved on february 3 , 2011 .
acquiring market share in the trading of a particular swap before other venues can list and develop trading activity in that swap ) , which would lead to premature or ill - advised mandatory trading of illiquid swaps on a sef or dcm .
many entities may apply to become a swap execution facility . to qualify , they must meet specific thresholds as defined by the sec , cftc , and the dodd - frank act . applicants must register with the sec and meet specific requirements . requirements include the platform ' s ability to display all available bids and offers , send trade acknowledgments to all involved parties , maintain a record of transactions , and provide a request for quote system . further , they must meet certain margin and capital guidelines and the ability to segregate the swap exchange . finally , the applicant must agree to abide by the 14 sec core principles .
in this regard , some commenters stated that under section 2 ( h ) ( 8 ) ( b ) of the cea , swaps subject to the clearing requirement are automatically subject to mandatory trade execution unless a sef or dcm does not list the swap for trading .
20 . some commenters cited the july 2010 senate floor remarks of u . s . senator blanche lincoln , in which she stated that determining whether a swap is available to trade should consist of more than conducting a listing inquiry . according to senator lincoln , “ [ t ] he [ commission ] could consider , for example , whether there is a minimum amount of liquidity such that the swap can actually be traded on the facility . the mere ` listing ' of the swap by a [ sef ] , in and of itself . . . should not be sufficient to trigger the trade execution requirement . ” markit comment letter at 2 n . 6 ; chatham comment letter at 2 - 3 ; ici comment letter at 3 - 4 .
in november 2014 , the cftc updated its compliance dates for a number of package transactions . at issue are three requirements related to the execution rules :
those swaps that are made available to trade and thus subject to the trade execution requirement will be publicly posted on the commission ' s web site .
215 . the commission may determine that swap transactions exempted from the section 2 ( h ) ( 1 ) clearing requirement pursuant to other statutory authority would also not be subject to the section 2 ( h ) ( 8 ) trade execution requirement . see supra note 1 .
240 . the commission believes that market participants can use any or each of the factors to demonstrate that active trading is occurring for a particular swap . for example , a high frequency of transactions , narrow bid / ask spread , or large trading volume would indicate execution of transactions for that swap . a large number of buyers or sellers , or a large number of resting firm or indicative bids and offers would also indicate an active market based on the presence of market participants seeking to execute transactions in that swap .
some opposing commenters stated that the commission , not sefs and dcms , should determine whether a swap is available to trade .
assessing whether a swap is available to trade and submitting a determination pursuant to part 40 of the commission ' s regulations .
any many - to - many platform allowing for trading in swap indices must be registered as a sef by this date .
permitted transactions are not subject to the trade execution mandate under dodd frank though they may be executed on a sef or dcm , if the market participant chooses . these transactions are illiquid or bespoke in nature . permitted transactions may trade via any method of execution as long as the sef offers an order book .
prescribes clearing requirements for swaps . makes it unlawful for any person to engage in a swap without submitting it for clearing to a dco that is either registered under this act or exempt from such registration , if the swap is required to be cleared .
in this release , the commission is adopting final rules ( 1 ) specifying the process by which a swap is made “available to trade , ” thereby making it subject to the trade execution requirement under section 2 ( h ) ( 8 ) of the cea ( “available - to - trade rule” ) ; and ( 2 ) establishing the compliance schedule of the trade execution requirement , following a commission determination that a swap is both required to be cleared and is available to trade ( “trade execution compliance schedule” ) . [ 211 ] more specifically , these rules allow sefs and dcms to designate swaps that they list or offer for trading as “available to trade , ” [ 212 ] thereby requiring market participants who transact such swaps ( and who are subject to the clearing requirement under section 2 ( h ) ( 1 ) ( a ) of the cea ) to comply with the trade execution requirement in carrying out these transactions . swaps that are subject to the trade execution requirement ( and are not block trades as defined under § 43 . 2 of the commission ' s regulations ) must be executed in accordance with other separately promulgated rules that implement the dodd - frank act ' s swap exchange trading requirements and are intended to provide improved price transparency for swap transactions . [ 213 ]
( sec . 773 ) subjects a clearing agency and security - based swap dealer or major security - based swap participant to a civil money penalty in twice the amount otherwise available for knowing or reckless evasion , participation in , or facilitation of specified violations .
the commission , however , is not adopting a minimum listing period so as to avoid delaying the determination process , and hence implementation of the trade execution requirement as discussed below . the commission also notes , as discussed further below , that a sef or dcm is allowed to consider activity in the same swap listed on another sef or dcm as well as the amount of off - exchange activity in the same swap .
the implementation period reflected in the final rule should ensure that market participants have adequate time to comply with the trade execution requirement and will be prepared to transact swaps on a sef or dcm . as a result , market participants should be able to maintain hedges that have been executed through swap transactions , thereby mitigating market and counterparty risks . moreover , a compliance schedule that facilitates sef and dcm swap execution by the greatest number of potential market participants , as does the final rule , indirectly promotes market liquidity , thereby reducing the overall costs of utilizing swaps for risk management purposes .


the columbo group is a hospitality and entertainment company that maintains various properties ; mostly nightclubs and restaurants , as well as an annual music festival .

the company 's portfolio includes the old queen 's head , xoyo , paradise by way of kensal green , the nest , phonox , the blues kitchen , the jazz cafe , sunfall festival , the camden assembly , and was awarded with the best late night operator 2015 award by the morning advertiser 's publican awards .

music week writer james hanley wrote the feature ' eye on the ball ' , profiling the columbo group and their continued success after the prosperous relaunch of the jazz cafe .

an interview with founder steve ball provided the basis for the article which was released to subscribers on september 12 , 2016 .

the columbo group

glassdoor gives you an inside look at what it ' s like to work at the columbo group , including salaries , reviews , office photos , and more . this is the the columbo group company profile . all content is posted anonymously by employees working at the columbo group .
since 2014 , we ' ve partnered with the columbo group – a young and vibrant hospitality group – to deliver a comprehensive leadership development programme .
london - based hospitality and nightlife group , the columbo group have spent the first half of 2016 improving their expert roster of live music and entertainment venues .
the columbo group limited . free business summary taken from official companies house information . free alerts . registered as 05181394
but the columbo group , which owns east london clubs xoyo and the nest , has bought the venue and will reopen it soon .
another of mama’s former venues , the jazz café , was sold to the columbo group last year , and reopened following refurbishment last week .
the columbo group – owners of xoyo and the old queen’s head – have announced they have bought the electric social and plan to open it its third blues kitchen outpost .
the columbo group has an annual turnover of £18m , and employs around 300 . it purchased the lease for the cat and mutton for £430 , 000 and for bar music hall for £1m .
since 2006 , the columbo group has created an impressive portfolio of unique character rich venues which garner immediate recognition . a dedication to creating great experiences , and a commitment to building a team of talented individuals with a shared goal of elevating the standards of hospitality , distinguishes the award - winning group within the industry .
london based portfolio of restaurants , bars , clubs and live music venues , the columbo group , owned and operated by steve ball and riz shaikh , have purchased the freehold of the blues kitchen for an undisclosed sum .
the london - based bar and restaurant group hopes to open the new venue on acre lane this autumn .
columbo group founder steve ball , said : “brixton is currently one of the most exciting areas of london for restaurants , bars and clubs so we’re thrilled to be opening our third blues kitchen site here .
the venue was bought by the columbo group in january , meaning it’s now part of the same family as the blues kitchen , xoyo , paradise by way of kensal green , the nest , the old queen’s head and new brixton club phonox .
london - based bar and restaurant group the columbo group has announced the purchase of two of east london’s most renowned venues : the cat and mutton on broadway market , and bar music hall ( the former brick lane music hall ) on curtain road . these latest acquisitions bring their growing portfolio of restaurants , bars , clubs and live music venues in the capital to eight .
east londoners can be assured that the cat and mutton and bar music hall are in great hands . the columbo group has form with ‘local legends’ having breathed life into such popular neighbourhood venues as the old queens head and paradise by way of kensal green . the group knows its east london audience well , having launched high profile venues xoyo in shoreditch and the nest in dalston in 2010 .
steve ball , director of the columbo group said : “there are elements of all aspects of the jazz café that we’re going to improve on , taking from the experiences of our other venues , whilst of course respecting the lineage of what the jazz café has come to represent . ”
the columbo group limited owns and operates clubs , bars , and restaurants . the company owns and operates blue kitchen , love and liquor , the nest , the old queens head , paradise , and xoyo . the company was founded in 2004 and is based in leeds , united kingdom .
awards were dispensed across seven categories recognising the vitality and diversity of late - night hospitality , including a special icon award recognising the 25th anniversary of the ministry of sound nightclub . the columbo group brand blues kitchen took home the award for best food offer while revolution bars group was crowned best drinks winner . the deltic group scooped the best entertainment award while novus leisure’s the forge site took the title of best late - night venue . intertain was named best for late - night marketing and promotion while beds and bars won the award for best service and team development
the columbo group was founded by steve ball and riz shaikh in 2006 . its existing venues include the blues kitchen in camden , paradise by way of kensal green , the old queens head in islington , xoyo in shoreditch , love & liquor in kilburn , and dalston’s the nest .
the columbo group , which has an annual turnover of £30m , and employs around 300 , is proud to reopen such a prolific venue . steve ball , founder and ceo of the columbo group comments : “many of us here at the columbo group have a personal history at the jazz café ; its early days have fed into what we do at our other venues a great deal . what makes this purchase so special is that we now have the chance to channel that history in to taking the jazz café forward . with a huge respect for the work they’ve done and for the greats that have played there we’re looking forward to taking this venue to the next level . there are elements of all aspects of the jazz café that we’ve improved on taking from the experiences of our other venues including xoyo , whilst of course respecting the lineage of what the jazz café has come to represent . ”
this is the columbo group’s third freehold purchase . the hospitality business has operated the popular blues kitchen barbeque concept at the 7500 square - foot , three storey property at 40 acre lane , london sw2 5ep since mid - 2015 , transforming the former electric social site into a 300 - capacity music venue , restaurant and bar .
“the opportunity to take on these two classic east london venues was too great to pass up . they’re both superb sites with great potential and a strong local story behind them . we are very excited about growing the columbo group’s east london presence and introducing the blues kitchen concept to a new audience on the bar music hall site . ”
this latest acquisition brings the group’s number of restaurants , bars , clubs and live music venues – which also includes the nest and the cat and mutton – in london to eight .
columbo founder steve ball told brixton buzz that there are
exciting plans in the mix
and sources close to mixmag say that the space will indeed go back to being a night club .
second - largest shareholder of the soho house group and owner of caprice holdings , the birley club group and bill’s restaurants . following a five - month refurbishment of the ivy , recent successes have included the launch of market grill in covent garden and chelsea garden in sw3 . a pan - asian restaurant and private room in berkeley square launches this autumn .
recently acquired , live music venue the barfly in camden will become the columbo group’s third music venue in the north london area . long known to many as a staple on the gig circuit , the barfly has seen the likes of coldplay , blur , oasis , the strokes and the libertines , as well as a collection of up and coming acts that are often penned as the next big thing . barfly will continue to operate in its present form , just taking on board the new ownership .
the handsome high - windowed corner pub over two floors was taken over by its former owners in 2003 , becoming a key hackney eating and drinking destination at the centre of the revitalisation of broadway market as a whole . it is currently closed for refurbishment and will reopen with a brand new look and new energy at the beginning of march in a partnership between the columbo group and tom gibson who owns ruby’s cocktail bar in dalston .
includes risk score , credit limit , ccjs , mortgages & charges , director & secretary timeline , shareholders , ownership & group stucture . plus unlimited updates and free documents !
the personal and professional development of our people is at the very heart of the columbo group . we understand that for us to be a successful company , it’s important to significantly invest in our workforce . one of the many ways we do this is through individually tailored development programs , created to aid you to develop your knowledge and skillset . no matter the stage you are at in your career , we offer you the opportunity do the job you love whilst building the career you dream of .
the columbo group have expanded organically at the rate of about one site per year , bringing the self - funded estate to 10 venues comprising the old queens head in islington ( 2006 ) ; paradise by way of kensal green ( 2008 ) ; xoyo in shoreditch ( 2011 ) ; the blues kitchen ( camden 2009 , shoreditch 2014 , brixton 2015 ) ; the nest in dalston ( 2010 ) ; phonox in brixton ( 2015 ) ; the jazz café ( 2016 ) and the camden assembly ( 2016 ) both in camden plus music festival , sunfall ( 2016 ) .
two more former mama & company venues have been sold off , following the group’s live nation acquisition last year . the borderline in soho was handed over to dhp family on friday , with a deal for the garage in highbury expected to be completed with the same company shortly .
the group are known for their distinctive interior design , roster of cutting edge live music , and broad - minded approach to food and drink , which ranges from bbq and all - american diner to top quality classic british gastropub fare .
the nest is owned by the colombo group who , as the brainchild of fabric co - founder steve ball , know a thing or two about successful venues . they’ll need to – occupying the site of iconic club barden’s boudoir , the nest has a rather large space to fill in dalston’s night time landscape . so far , though , the signs are good .
the first music festival from the group , sunfall , will launch this july promising to bring a celebration of the underground to london’s brockwell park . curated by a group of people who live and breathe music , the festival promotes the sounds of london and its far - reaching scenes and sounds . the festival will implement new booking techniques to mirror the day and night programming of the festival , with each ticket purchased giving the ticketholder entry to the outdoor day festival as well as a night - session of their choice . artists will include benji b’s deviation , goldie’s metalheadz , dimensions festival ( croatia ) , phonox presents from glasgow to detroit , studio 89 , outlook festival x just jam , mister saturday night x rhythm section and a taste of afrobeat vibration as night - time hosts .
ever - ambitious duo whose restaurant group d & d passed the £100 million turnover threshold in 2014 and whose iconic restaurants include launceston place , the bluebird and skylon . this autumn they release their first own - label wines , their king’s cross restaurant german gymnasium opens in november and in 2016 they open a restaurant , bar and café in the nova victoria development .
his post as chief executive of richard caring’s the caprice group must feel like a distant memory . now he sells shrimp burgers and fish finger butties at his fish and chip shops in islington and liverpool street , while overseeing the gigantic holborn dining room , q grill and its sister in the city , plus a fourth pop - up on the roof at selfridges , vintage salt . edinburgh and york are next .
london friday night skate , across london , urltoken if the weather is decent , grab your roller skates for a group blade across the city . the route can vary , but groups always meet nearby the achilles statue in hyde park . they offer both a friday night skate for those pretty confident on wheels , and a sunday stroll for those looking to take things a little easier . children are welcome if accompanied by an adult .
having cracked the west , east and north , ball , 40 , is marching on south london this year with a new outpost of his rocking southern joint , blues kitchen and a new club planned for brixton . phonox , “a proper club for proper clubbers” from the xoyo team , will take over the old plan b site , bringing columbo’s empire to eight sites . he also scored a coup this year by teaming up with the in - demand hemsley sisters to lay on healthy supper clubs at paradise in kensal green .
enormously talented spanish chef who received a five - star review from fay maschler and a michelin star within six months of starting at this no - bookings restaurant . having begun as sous chef at fino , also part of the harts group , in 2003 , at barrafina she is now responsible for 4 , 000 covers per month , approximately 280 of which include the much - loved dish , milk - fed lamb kidneys .
the columbo group was founded by steve ball and riz shaikh in 2006 . known for their multifaceted approach to the bar , restaurant and club industries , they are unique in their approach to business . with an outsider’s perspective and an understanding of young londoners’ resistance to one - dimensional offerings and need for great food , drinks and live music under one roof they have gone on to expand at the rate of about one site per year , bringing the collection to 10 venues plus a music festival . its existing venues include : the old queens head in islington ( 2006 ) ; paradise by way of kensal green ( 2008 ) ; xoyo in shoreditch ( 2011 ) ; the blues kitchen ( camden – 2009 , shoreditch – 2014 , brixton – 2015 ) ; the nest in dalston ( 2010 ) ; phonox ( 2015 ) . the company is known for its distinctive and stylish interior design , its roster of cutting edge live acts , djs and broad - minded approach to cuisine from bbq and all - american diner fare to top quality classic british cookery .
the daddy of the london cocktail scene , conigliaro is the owner of true speakeasy 69 colebrooke row in angel , the mastermind behind the drinks at the zetter townhouse bar and a collaborator on the small but perfectly formed new bar termini in soho which serves espressos in the morning and negronis by night . last month he opened the doors to his latest project : seymour’s parlour at the marylebone townhouse .
almr chief executive kate nicholls paid tribute to the dynamism and hard work of the sector and emphasised the night - time economy was vital to the uk , to the health of local town centres and to the safe social life of customers .
the festival organisers have joined forces with london clubs phonox in brixton , the nest in dalston and xoyo in shoreditch to organise the event .
the south bank , urltoken don’t take the south bank for granted : besides the beach , which is really quite pretty in the right weather , it’s the perfect place to simply stroll along . come and appreciate just how magnificent london really can be : you can take the likes of st paul’s , the london eye , tower bridge , the oxo tower , the royal festival hall , the tate modern and plenty more . just look up : what a place to live .
st james ' s park , sw1a 2bj , urltoken the royal parks are all worth a visit , but st james’s tops them for its wildlife : pop in to watch the pelicans being fed , or wander around the lake to see the mallards splashing about . the park also hosts the annual trooping the colour , and contains the mall and horse guards parade . inn the park is a nice spot for a glass of wine in the afternoon , too , and the park stays open late too , so you can picnic well after sundown .
the events will take place upstairs at islington hotspot the old queens head , with danielle moore , red greg and kon playing in the coming weeks .
modest founder of the cornwall project which he began in 2010 to create sustainable jobs in cornwall by supplying the region’s superb produce to some of the best london restaurants including kitty fisher’s , the ledbury , lyle’s , the clove club , and som saa . has enormous buying power as owner of the newman arms and oversees the food offering at three other london pubs .
the cat and mutton , the popular pub at the gateway to broadway market by london fields , dates right back to the late 17th century when , under its original name of the cattle and shoulder of mutton , it was a busy alehouse used by drovers and agricultural workers making for market in the city of london .
royal air force museum , grahame park way , nw9 5ll , urltoken more than 100 historic craft sit here , helping tell the story of the raf’s history . it’s as much about the people as the planes too , and there are some fascinating tales being told . highlights include the 3d cinema , and the stirring light show our finest hour , which honours the battle of britain . that said , the planes themselves are a marvel .
archie fairhurst will dj weekly from saturday the 2nd , temporarily replacing the club ' s resident dj , haai .
the natural history museum , cromwell rd , sw7 5bd , urltoken stunning from the outside , a marvel on the inside . it houses some extraordinary exhibits : the dinosaurs , of course , but the earth galleries are a marvel , the collection of mammals stunning ( and a reminder of how small we all are . ) don’t miss the 3 . 5 ton cranbourne meteorite from australia , either .
the nightspot has retained the shape of the former basement rock joint ; the interior design is slicker and smoother , but arguably more sterile than before . this effect is offset by a smattering of salacious neon signs and nude posters that lend the place a smutty glamour , but fans of barden’s may feel something has been lost from the sweat - dripping - off - the - walls mayhem of yore .
for generations , our guests have come back again and again . experience the very best of the city with its history , the iconic location and an outstanding standard of service .
wiley , calibre , kahn & neek and more will join the uk dj across 13 weeks at the east london club .
i understand the need to continue moving with the times . i cannot understand development for the sake of one ' s ego , which this whole plan seems to be . . . .
sky garden , 20 fenchurch st , ec3m 8af , urltoken at 155m up , the sky garden offers arguably the best view of london there is . unlike some of the other sky - high spots in the capital , it’s completely free to get up to sky garden and have a wander around . it’s impressive during the day ; at night , the city is a glittering carpet under the floating dark . the bar isn’t bad , but if you do feel like splashing out , both the darwin brasserie and fenchurch restaurant are excellent – fenchurch benefitting from terrific vegetarian offerings .
the xx member will be joined by names including goldie , joy orbison , mind against and zomby at sunfall , the first uk music festival from the team behind croatia’s outlook and dimensions festivals .
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for generations , our guests have come back time and time again , seduced by the nostalgic charm of the galle face hotel .
the jazz café in camden ; takeover the renowned indie music venue , barfly in camden ; and launch a new london music festival , sunfall . these latest acquisitions bring the growing business’ portfolio of restaurants , bars , clubs and live music venues in the capital to ten , with the addition of music festivals to their expertise .
big ben , westminster , sw1a 0aa , urltoken climb the 334 stairs up the elizabeth tower to the famous bell , big ben . it’s a london icon , but so few have made it up there . still , the views from the tower are stunning , while the insides of the clock faces are fascinating in their own way . tours are 9 . 00am , 11 . 00am and 2 . 00pm monday to friday and are free , but must be sponsored by an mp . that’s easy enough to do , as it happens : all the details are the link . have fun .
the nordic - themed oslo offers food and drink throughout the day , as well as opening its venue space at night . it’s not clear if this is the model akins is referring to , or if either of the new venues is really suited to daytime opening . full plans are expected to be announced in the coming weeks .
working with the general managers and members of the management team , our aim was to take participants through a six - module programme .
the wellcome collection , 183 euston rd , nw1 2be , urltoken the wellcome collection’s location means it isn’t as busy as some of london’s other top museum , which has its advantages : for one , you’ve more time to appreciate the exhibits and fewer tourists to mutter bitterly about . the library is not to be missed , and the medicine man collection is completely absorbing . don’t miss the picasso , either .
speaker ' s corner , hyde park , urltoken celebrate eccentricity from around the world at speaker’s corner , the last corner of the world where truly free speech is aired . sure , you’ll hear some outrageous rubbish being spouted , but you might just catch something quietly revelatory , too . either way , the beauty of speaker’s corner is the absence of the kind of hysterical self - righteous rage which plagues twitter .
tuesdays mean the pub quiz at effra social . tommy mcardle hosts one of the busiest in brixton , with a cash prize for the winners and boobie prizes for second and second - to - last place .
“this is fantastic site for us to have secured the freehold to , and reflects the great relationship we’ve had with the brixton community . locals seem to appreciate how we go about what we do . we want to responsibly champion the unique spirit of brixton nights out . since the blues kitchen first opened on this site , we’ve also opened club , phonox around the corner ; and now owning the blues kitchen building , it really feels like we’re setting roots ready for a legacy . ”
richmond park , urltoken richmond park is the largest of london ' s eight royal parks , an extraordinary space where the grass seems greener , the flowers seem to smell better and the sun seems warmer . the park has a magic that ' s not tangible – go to the isabella plantation to see what we mean . it is a national nature reserve , london ' s largest site of special scientific interest and a european special area of conservation . the red and fallow deer that live in the park will bring a moment of silence to your day . they’re beautiful .
i found the trainer awesome ! the programme helped me attempt to integrate responsibility and courage whilst remaining authentic to myself . i would recommend it .
with an iconic history , location and standard of service , the galle face hotel is the city’s venue of choice for outstanding meetings and events .
sir john soane ' s museum , 13 lincoln ' s inn fields , wc2a 3bp , urltoken something about sir john soane’s museum is unlike any other : once the home of the famous neo - classical architect , the gorgeous residence has everything from curious antiquities collected on his travels , greek and roman bronzes , art by the likes of canaletto , turner and hogarth . the private apartments tour is our highlight , but all of it is winning . it draws its character not from the displays themselves , but the sheer diversity of what’s there , and the strangely homely feel . oh , and they host taxidermy workshops . there isn’t a place like it . oh , and here’s a fun fact : the tomb for his wife was the inspiration for the red telephone box . put that in your pub quiz file .
dalston is now firmly on the radar of places to got out for clubbers from all over the capital , so it’s perhaps inevitable that it will lose some of its appeal as the masses descend . for now though , the nest is the first of its type , bridging a gap between basement raves and more up - market establishments . in the words of a taxi driver outside : “it’s not like ten years ago . dalston is changing . ”
the top mixologist continues to cement his place in the bar world with white lyan and the newer dandelyan at the mondrian london hotel , which have won a brace of awards . this year saw the launch of coffee pop - up spin - off black lyan , which looks set to return permanently . when he’s not consulting , he judges and speaks at events around the world from hong kong to australia and bottles up his pre - made libations .
aeroplane , alex from tokyo and daniel wang will join the french disco head during his month - long stint at the east london nightclub this summer .
muse know how to pack both energy and immense theatrics into a show , and this run of five nights at the o2 will be no different . the set - up will be quite something in itself — the band will perform in the round , on a stage shaped “like a double - headed arrow” and we hear the set will also feature “a whole swarm of drones” .
the amsterdam duo will follow andrew weatherall with a month - long residency for parallel , a series that aims to
give something back to the local community and people of london , outside the usual scope of club culture .
the street feast co - founder has a new venture . london union , a partnership with leon’s henry dimbleby , plans to create a large central london food market after raising cash from the capital’s foodies . it is the logical step after street feast took to the streets of dalston , tottenham and lewisham last year earning the loyalty of traders such as yum bun , smokestak and breddo .
the whitechapel gallery , 77 - 82 whitechapel high st , e1 7qx , urltoken the whitechapel bills itself as ‘the artists gallery for everyone’ and certainly , that’s the feel this unpretentious cultivates . they’ve an ever - changing roster of what’s on , but all share a common theme : they’re designed to provoke and to push , to make the audience think . an interesting place to be .
the french selector will bring along a few of his own favourite djs , including inner sense and dirty hans , for the club ' s parallel series .
is the borough’s only independent newspaper , and is now in its tenth year .
having mastered mayfair with the wolseley and the colony grill at their hotel the beaumont , piccadilly where crowds go to brasserie zedel for cut - price boeuf bourguignon , and recently marylebone with the viennese fischer’s , these two are now aiming at north london with bellanger , an all - day parisian - alsatian brasserie on islington green .
as if a rare uk stadium gig from ac / dc wasn’t exciting enough , this will be the first one at stratford’s stadium once it completes being reconfigured after the 2012 games . the gig is part of the back in black performers’ rock or bust world tour and is followed by a date in manchester on june 9 .
it was my honour and pleasure to be working with one of my clients nicoccino at this prestigious event . it was a wondrous evening with all you would expect of an almr and propel collaboration . from the awards , to the guests to the band and the acrobatic silk work this was a truly tremendous event to be at .
portobello road , w11 , urltoken gentrified as this market is , the fact remains it was a favourite of paddington bear , and that alone is reason enough to go . there are plenty of other attractions , too : if you’re keen to shop , one - of - a - kind pieces are sat on all the stalls , and there are some beautiful editions of books nestled about . the fun of it is free , though : the shouting , the haggling , the beautiful painted houses .
sri lanka’s iconic landmark , the galle face hotel , is situated in the heart of colombo , along the seafront and facing the famous galle face green . one of the oldest hotels east of the suez , the galle face hotel embraces its rich history and legendary traditions , utilizing them to create engaging , immersive experiences that resonate with old and new generations of travelers alike . no visit to sri lanka is complete without staying at this majestic hotel , built in 1864 and recently restored back to its former glory . we are proud to announce that the galle face hotel has been nominated as one of asia ' s leading heritage hotels , vote for us below .
“the lively mix of late night music and authentic bbq has been a great success in both camden and shoreditch and i look forward to bringing the party down south . ”
or should i say that in every community the crimes of the poorer classes are policed harder , which is why there has to be more scrutiny when someone . . .
he ' ll play every friday from august 10th through 31st at the brixton club .
the new - look jazz café is due to open may 24 . visit urltoken .
new ferry approach , se18 6dx , urltoken hardly glamorous , but taking this ferry is actually surprisingly good fun ( better , even , than sitting in the front seats on the dlr . really . ) you’re out on the water , you can admire london from afar , and you’ll have the sun in your face and the wind in your hair . it goes from woolwich and north woolwich , so it doesn’t last especially long , but you can’t have everything . if you’re in the area , give it a go .
on a sunny day there is no lovelier place to eat lunch than at the river café , the legendary michelin - starred italian restaurant founded by rogers and the late rose gray in 1987 where stevie parle and jamie oliver learnt their trade . rogers has credited much of the restaurant’s success to her staff , who she believes should be respected “as individuals” .
barbican centre , silk st , ec2y 8ds , urltoken the curve room at the barbican is a permanently free space that fills up with intriguing new installations , such as the famous random international ' s rain room from a couple of years ago . beware of queues .
the original blues kitchen opened in camden in 2009 and its shoreditch site opened in 2014 .
every monday night at impact hub in pop brixton the open project night opens the doors to community groups , businesses and individuals to get their creative juices flowing over a . . .
the iconic english rock band , led by enigmatic frontman robert smith , will play wembley as part of their first european tour since 2008 . they’ll be supported by the twilight sad .
woods , aka the cocktail guy , has the best view of any barman in london as cocktail maestro of duck & waffle and sushisamba . he’s known for his culinary and experimental approach to cocktails which has included creations such as the blue cheese and chocolate martini and the kobe old fashioned . no surprise that last year he won the uk and ireland’s most imaginative bartender award . you’ll recognise him from his old - school waistcoat and liberal sprinkling of facial hair .
love him or loathe him , bieber is one of the biggest celebrities on the planet right now , and he’s laying on a suitably epic - sized world tour to match . six nights at the o2 are backed up by three each in birmingham and glasgow and one in sheffield .
although live acts are very much part of the music policy , the nest has more of a club feel than its predecessor . rachel barton , dj and promoter of the night lively at the nest , said : “i think it’s a good place to have a drink in , then go raving in afterwards . it also has air - conditioning unlike most clubs in dalston . ”
known for flavoursome persian and middle eastern dishes that she taught herself to make before serving at the regular sabrina’s kitchen supper clubs in her flat . ghayour’s debut cookbook persiana remains an amazon best - seller since its release in may 2014 , and was the only cookbook nominated for the bookseller’s book of the year award . continues to launch pop - ups and collaborate with top chefs .
partners in crime in both work and love , mr g and ms s curate their eponymous quarterly magazine , which is first to know who’s moving and shaking in the cocktail world . when they’re not running workshops , judging global competitions and campaigning for more women in the drinks industry , they’ve also got two books in the pipeline , if they find the time to write them .
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the programme helped me understand the importance of focus on making a paradigm shift to push towards goals . it might seem unachievable at first but are attainable if everyone commits to raising their game .
the photographer ' s gallery , 16 - 18 ramillies st , w1f 7lw , urltoken the photographers gallery sadly is often overlooked , but as the largest public gallery in the capital dedicated to photography , it really , really shouldn’t be . as well as work from up - and - coming artists , they’ve a historical collection that shows off some stunning work , and work that shows how photography has evolved over the past century . entry is only free before midday , £3 thereafter .
geffrye museum , 136 kingsland rd , e2 8ea , urltoken many places claim to show what life was like once upon a time , but the understated geffrye museum perhaps does it most authentically . wander between rooms dressed as they would have been decades ago . what’s most intriguing is not simply seeing a room from the 1930s , or sometime in the 1800s , but the difference between them , the changing taste , and what’s lasted from then to now . they’ve also beautiful gardens .
our nico team explained all about the new oral experience that has now hit the market , which took some people by surprise , but overall the product was welcomed with open arms and we are now in talks with several late night operators to ensure we stamp out the issue of smoking in some of their venues , let alone help generate another profit income for these bars . we look forward to what happens next , maybe the team and i will be in a venue near you soon !
his st john smithfield restaurant , now in its 20th year , set the tone for many nose - to - tail dining experiences in london — needless to say , his roast bone marrow and parsley salad never leaves the menu . also owns st john bread & wine , a counter in selfridges and the bakery room on maltby street which now also sells the minervois wines produced at his vineyard .
the old bailey , ec4m 7eh , urltoken while not every trial may be as compelling as hit series the people vs oj simpson , the old bailey offers a fascinating glimpse into the world of criminal law . the public galleries are open to anyone , and heading down , you’ll soon find yourself bizarrely intrigued . just remember , you can ' t take in bags , cameras or mobile phones and there ' s no cloakroom . open monday to friday , 10am - 1pm and 2pm - 5pm .
this oxford - formed band are growing their fanbase by the day thanks to a style that combines indie with touches of punk and funk . this gig — part of their very first uk tour — will be the band’s biggest to date , and comes with the added bonus of everything everything supporting .
tracks from lanark artefax , pye corner audio and john beltran appear on the two - disc set .
rough trade east , 91 brick ln , e1 6ql , urltoken brick lane ' s famous independent record shop hosts regular free gigs , and the line up in the past has included the likes of kendrick lamar ( pictured ) , gabrielle aplin and foals . wristbands are given out one hour before kick - off , and the events tend to be very popular . follow them on twitter for regular updates .
the country’s longest - standing restaurant critic , maschler is always the first in to review a new dining room and her range includes everything from “saucy thai food worth dirtying your nails and wrecking your shirt for” at smoking goat , to mayfair’s kitty fisher’s by way of the utterly lovely nuno mendes’s taberna do mercado .
the ante is also being upped in terms of food and drink . the new café will feature a 69 - seater dinning area located on the building’s remodelled mezzanine , and will serve dishes including chicken yakitori in soy and sake , seared tuna and avocado fattoush salad , and a brisket and bone marrow burger .
calling all musicians , singers , mcs , the local musical community , global family and beyoooond ! the wicked wednesday jam welcomes you to come , share and show your love for live music on . . .
that said , the new set - up gives more than a passing nod to its hackney location – the management has promised to focus on upcoming acts rather than headliners , leading to a reasonable door charge .
the alibi , 91 kingsland high st , e8 2pb , urltoken a dalston favourite and with good reason , the alibi always offers free entry . on mondays , they’ve got a film club screening the classics – often with a horror slant – which is followed by a raucous karaoke night . always a good laugh .
national portrait gallery , st . martin ' s pl , wc2h 0he , urltoken the national portrait gallery is a london institution and rightly so . though some exhibitions must be paid for , the majority of it is free . go one evening , when it’s a little quieter , to appreciate their wonderful collection : there are stories and stories and stories in these paintings . the best of it , to our minds , is in the 20th century rooms , where there are some extraordinary sculptures . oh , and keep an eye out for the most magnificent portrait in the place , in room 31 , of william maxwell aitke . a beautiful piece , and we promise we’re not picking it because he once was the proprietor of this paper .
blues kitchen shoreditch will offer texan bbq , live music seven nights a week and one of the biggest bourbon selections in london . the vast converted victorian warehouse will have a spacious diner alongside a capacity for 500 .
other acts confirmed for the daytime session include digital mystikz , hunee , omar - s and ryan elliott .
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he added : “the jazz café , at its heart , has had such a broad spectrum of music on offer , it ' d be impossible for us to represent all of that in the relaunch fortnight but we have assembled a very high quality sample of the sounds we ' ll be putting on moving forward .
st martin - in - the - fields , trafalgar square , wc2n 4jj urltoken head to st - martins - in - the - fields one lunchtime for a spot of culture . full details can be found on their website , but the concert standard is uniformly excellent , and they’ve a broad programme on – expect everything from pan flutes to piano recitals to snippets of mahler . the concerts are completely free , but donations are welcomed .
comedy cafe theatre , 68 rivington street , ec2a 3ay , urltoken this cosy east london loft space is funny each night of the week , but wednesdays are new act night , which is free . naturally , the quality varies , but the place generally attracts quality . who knows , you might just see a star being born .
the ever - excellent shackleton cruises across plateaus of sustained breakbeat before order is violently disrupted with the arrival of bass kicks . there’s a humidity spike in the next tent along for fatima yamaha , with terrace chants for his rescued - from - obscurity track what’s a girl to do . but he’s no one - hit wonder – his set of dinky deep house , sprinkled with enraptured kawaii synths , is one of the day’s most immediate pleasures .
organisers promise that the festival will “reflect the many and varied sounds of london” , and performances are set to span jazz , electronica , house , drum and bass , hip hop , dubstep , techno , soul and disco .
i found the programme useful in understanding my way of management and how to communicate well when dealing with different styles of management . it gave me a good understanding of how to get the most out of your team in a structured and controlled environment . i thought the programme was very well structured and adapted to our industry very well .
grant museum of zoology and comparative anatomy , 21 university st , wc1e 6de , urltoken the only remaining university zoological museum in london is a compendium of oddities , a treasure trove of wonders . nobody could claim it’s pretty , but there are some extraordinary pieces here . taxidermy and animal skeletons , the place leaves visitors a little creeped out and very curious . don’t miss the elephant skull . extraordinary and , in the very literal sense , unique .
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private and softly spoken , the executive chef at the trendiest spot in town also opened a tiny no - reservations portuguese restaurant inspired by the cooking from his home country in spitalfields in may . having closed his first major project , viajante , for which he won a michelin star , there are still plans to open it elsewhere in london .
pantha du prince , dave harrington , dam funk , egyptian lover , portico and pete josef are among the names which will feature on the re - launch programme , while there are also showcases from 22a and nts lined up .
british library , 96 euston rd , nw1 2db , urltoken why haven’t you been to the british library lately ? this building houses gold : two copies of the magna carta , rare beatles lyrics , documents from henry viii’s reign , diamond sutra , the world ' s earliest dated printed book ( yup ! ) and the only surviving manuscript copy of beowulf . this is history , people , magnificent , magnificent history and you could be seeing it . marvels .
postman ' s park , st martin ' s le grand , ec1a 4as , urltoken the park itself is peace in a city of noise , but the reason to go is the touching watts memorial , built in 1900 , which commemorates acts of heroism . it’s somewhat tragic , given many of the doulton tablets tell stories of involving children , lost or nearly lost to fire , drowning or train accidents , but the bravery of those who died in their attempts to save them is , with no grandiloquence , somewhat life - affirming . sounds silly , but go see for yourself .
venues which will be hosting night sessions include peckham’s bussey building , electric brixton and the coronet in elephant & castle .
running nightly from august 14th through 18th , the celebrations will feature wiley , willow , lil ' louis and more .
he ' ll play 13 fridays from april through june , with shackleton , hunee and margaret dygas among the guests .
participants were set action points throughout the programme to practice their new skills and embed their learning . they were also asked to give feedback at the end of each module on impact , relevance and what could be added to their programme .
over the last year , plan b ' s bookings included calibre , chez damier , theo parrish , lenzman , session victim and marcus intalex , with the likes of innersoul , simply salacious , samurai music and need2soul throwing regular parties .
across london , urltoken london is full of free skate parks : take advantage of one . either try it yourself or , if you’ve realised you’re too ancient now , prove yourself the cool aunt / uncle by being in the know .
it will take place in brockwell park near brixton in july , and uniquely every ticket will include access not only to the main daytime session in the park but also one of several specially - curated club nights across south and central london .
glamorous sisters with an insatiable social media following who launched their wellness business in 2010 . they have cooked for clients including chanel and vivienne westwood and their first book , the art of eating well , was nominated for food & drink book of the year at the national book awards 2014 . their second book , good + simple , is due in spring 2016 .
across the lse campus , urltoken if you’re harbouring a sinking feeling that since leaving education your brain has slowly been deteriorating , perk up with a free public lecture at one of the country’s top universities , lse . they tackle some big subjects , like the refugee crisis , terrorism and gender equality , and attract big names too : jeremy corbyn will be speaking this summer .
ith signs giving the technical specifications of speaker stacks and a crowd more disposed to cans of craft ipa than balloons , sunfall positions itself as the muso’s choice , and , giant toilet queues aside , does pretty much everything right on its first outing .
after two years touring the vineyards of south america and san francisco , husband and wife team charlotte and michael opened two of london’s coolest wine bars , sager + wilde on hackney road and mission under the railway arches in bethnal green . their enthusiasm — for each other , and for bringing you quality hard - to - find wines minus the mark - up — is infectious .
as well as having two weekly columns in the independent , being a speaker , documentary maker and serial novelist , dent is also the weekly restaurant critic for es magazine , in which her riotous and candid reviews take the temperature of everything from michelin - starred dining rooms to low - key fried chicken cafés . her twitter feed , followed by 220 , 000 , is equally entertaining .