UNITED STATES OF AMERICA
Before the

COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Request to Transfer
the trueEX LLC Swap Execution Facility Registration
to Tassat Derivatives LLC

ORDER OF TRANSFER OF SWAP EXECUTION FACILITY REGISTRATION

By letters dated June 20, 2019 through September 13, 2019, trueEX LLC (“trueEX” or
“Transferor”) and Tassat Derivatives LLC (“Tassat Derivatives” or “Transferee”) (hereinafter
“Petitioners”) jointly requested pursuant to Commission regulation 37.3(e), 17 C.F.R. § 37.3(e),
that the Commodity Futures Trading Commission (“Commission”) permit the transfer of the
trueEX swap execution facility (“SEF”) registration to Tassat Derivatives. Having reviewed the
Petitioners’ request, the Commission makes the following findings and rulings:

WHEREAS, the Petitioners have satisfied the transfer requirements set forth by
Commission regulation 37.3(e), 17 C.F.R. § 37.3(e);

WHEREAS, the Commission has reviewed the request and associated documents and
representations;

The Commission FINDS that, subject to the conditions set forth below, the Petitioners
have demonstrated, as required by Section Sh of the Commodity Exchange Act (“Act”), 7 U.S.C.
§ 7b-3, and Commission regulations 37.3(a) and (e), 17 C.F.R. § 37.3(a) and (e), that the
Transferee will comply with the provisions set forth in the Act and the Commission’s regulations

thereunder for registration as a SEF.


IT IS HEREBY ORDERED that Petitioners’ request to transfer the trueEX SEF
registration to Tassat Derivatives is approved;

IT IS FURTHER ORDERED that this approval of Petitioners’ request to transfer the
trueEX SEF registration to Tassat Derivatives shall be subject to Tassat Derivatives’ compliance
with representations it made to the Commission in its request including, but not limited to, the
following specific representations and also Tassat Derivatives’ compliance with the terms of the
applicable no-action letters previously issued to all SEFs:

1) It will be the surviving entity and successor-in-interest to the Transferor SEF and will
retain and assume all assets and liabilities associated with the SEF’s ongoing
operation and regulated activities;

2) It will assume responsibility for complying with all applicable provisions of the Act
and the Commission’s regulations promulgated thereunder, including 17 C.F.R. Part
37 and appendices thereto, provided that as prior relief granted by Commission staff
pursuant to Commission Regulation 140.99 remains in effect:

i. in lieu of complying with the specific requirements of Commission
regulations 37.6(b), 37.1000, 45.2(a), and 45.3(a) that are addressed in
Commission Letter No. 17-17 , it shall comply with the terms and conditions
of Commission letter No. 17-17 for the duration set forth therein; and

ii. in lieu of complying with the specific requirement s of Commission
regulation 37.1501(f)(2) that are addressed in Commission Letter No. 17-61,
it shall comply with the terms and conditions of Commission letter No. 17-61

for the duration set forth therein;


3) It will assume, maintain, and enforce all rules implementing and complying with the
core principles applicable to SEFs, including the adoption of the Transferor’s
rulebook, as amended in the request and that any such amendments will be submitted
to the Commission pursuant to section Sc(c) of the Act and 17 C.F.R. Part 40;

4) It will comply with all self-regulatory responsibilities and will maintain and enforce
all self-regulatory programs;

5) It will notify market participants of all changes to the Transferor’s rulebook prior to
the transfer and will further notify market participants of the concurrent transfer of
the registration to the Transferee upon Commission approval and issuance of an order
permitting the transfer;

6) Upon transfer, it will assume responsibility for, and maintain compliance with, core
principles for all swaps previously made available for trading through the Transferor,
whether by certification or approval, and none of the proposed rule changes will
affect the rights and obligations of any market participant.

IT IS FURTHER ORDERED that the transfer of the SEF registration shall not affect any
action taken, or to be taken by the Commission, based upon actions, activities, or events
occurring prior to this transfer of registration.

Issued in Washington, D.C. this 6" day of November, 2019.

By the Commission

D4 | Ahsh-

Christopher J. Kirkpatrick
Secretary of the Commision