JAVELIN SEF, LLC 

443 PARK AVENUE SOUT H, 10 T H FLOOR • NEW YORK, N EW YORK • 10016

PHONE: (212) 779 - 230 0 • FAX: 646 - 588 - 203 9

July 7, 2016

Submitted via CFTC Portal

Office of the Secretariat 

U.S. Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street

Washington, DC 20581

Re: Submission of Javelin SEF, LLC Rule Amendment (Submission No. 16-03)

To Whom It May Concern:

Pursuant to Section 5c(c) of the Commodity Exchange Act (“CEA”) and Section 40.6(a) of the 

regulations of the Commodity Futures Trading Commission (the “Commission”) Javelin SEF, 

LLC (“Javelin SEF”) hereby submits to the Commission rule amendments to its Rulebook. 

Specifically, Javelin SEF has amended Rules 521 (“Rule Amendment”). The Rule Amendment 

will be effective July 21, 2016. 

A concise explanation and analysis of the Rule Amendments is attached as Exhibit A. A marked 

copy of the Rule Amendments, which indicates the revisions with additions underscored and 

deletions overstruck as indicated, is attached as Exhibit B. A clean copy of the Rule 

Amendments is attached as Exhibit C. 

Javelin SEF certifies that these rule amendments comply with the CEA and the Commission’s 

Regulations. Javelin SEF further certifies that this Submission has been concurrently posted on 

Javelin SEF’s website at http://www.theJavelin.com. No substantive opposing views were 

expressed with respect to Rule Amendments. 
Office of the Secretariat

Submission No. 16-03

July 7, 2016

Page 2

If you have any questions regarding this submission, please contact me at (646) 307-5931 or 

suellen.galish@thejavelin.com. 

Sincerely,

/s/Suellen Galish 

Senior Managing Director

General Counsel and 

Chief Compliance Officer

Attachments

cc: Mark Schlegel, Division of Market Oversight, Commodity Futures Trading Commission 

(Email: MSchlegel@CFTC.gov)

Jonathan Lave, Division of Market Oversight, Commodity Futures Trading Commission 

(Email: JLave@CFTC.gov)
Javelin SEF, LLC

Submission No. 16-03

Exhibit A

Explanation and Analysis of Javelin SEF Rule Changes

The following is a concise explanation and analysis of the proposed rule amendments which includes the 

core principles and Commission regulations thereunder. 

Rule Explanation of Amendment(s) Applicable Core Principle and 

Commission Regulation 

Rule 521 Rule amendments made to comply with CFTC 

Letter No. 15-67. 

Core Principle 2

Rule 37.200

Rule 37.201
Javelin SEF, LLC

Submission No. 16-03

EXHIBIT B

Marked Copy of Rule Amendments 

Rule 521. Trade Execution on Javelin SEF via Voice Trading 

Participants may execute Trades on Javelin SEF by voice trading. Voice trading on Javelin SEF is a Trading 

Facility, as defined by section 1a(51) of the CEA, that enables multiple Participants to make bids and/or 

offers into Javelin SEF that are open to multiple Participants through the use of the telephone, instant 

message and electronic mail that are acceptable to Javelin SEF or through system functionality provided 

by Javelin SEF. Voice trading is facilitated by Authorized Employees who communicate to Participants 

engaged in voice trading the existence of bids and/or offers to multiple Participants and assists in the 

order execution of voice Trades. Voice trading is accomplished as follows.

1. Participants may submit orders to an Authorized Employee. All orders communicated to 

Authorized Employees shall be considered to be firm at the time first communicated to the 

Authorized Employee and subsequently may be indicative. An Authorized Employee, in his or 

her discretion, may communicate with Participants to determine trading interest. 

2. Promptly upon receipt of an order the Authorized Employee shall communicate, on an 

anonymous basis, such order by posting an alert on the Javelin SEF system which shall be visible 

to all Market Participants.

3. Participants may cancel orders at any time prior to trade execution by communicating such 

cancellation to an Authorized Employee, and such cancellation shall become effective upon the 

Authorized Employee’s receipt of such cancellation. Order modification is not permitted. 

Instead, a customer may cancel an existing order and enter a new order.

4. Participants can determine if orders are firm or indicative by communicating with an Authorized 

Employee. Orders shall be matched by Authorized Employees on a price time priority (the order 

closest in price that is first in time is given priority). 

5. The Authorized Employee shall promptly inform Participants when they are matched in a voice 

trade and Javelin SEF will process the Trade, as directed by the counterparties, through either 

Javelin’s systems or by entering the Trade into MarkitWire. 

6. If the counterparties elect to process a Trade through MarkitWire, then such Trade, as 

determined by the counterparties, may be subject to MarkitWireaffirmation will be subject to 

auto processing.
Javelin SEF, LLC

Submission No. 16-03

EXHIBIT C

Marked Copy of Rule Amendments 

Rule 521. Trade Execution on Javelin SEF via Voice Trading 

Participants may execute Trades on Javelin SEF by voice trading. Voice trading on Javelin SEF is a Trading 

Facility, as defined by section 1a(51) of the CEA, that enables multiple Participants to make bids and/or 

offers into Javelin SEF that are open to multiple Participants through the use of the telephone, instant 

message and electronic mail that are acceptable to Javelin SEF or through system functionality provided 

by Javelin SEF. Voice trading is facilitated by Authorized Employees who communicate to Participants 

engaged in voice trading the existence of bids and/or offers to multiple Participants and assists in the 

order execution of voice Trades. Voice trading is accomplished as follows.

1. Participants may submit orders to an Authorized Employee. All orders communicated to 

Authorized Employees shall be considered to be firm at the time first communicated to the 

Authorized Employee and subsequently may be indicative. An Authorized Employee, in his or 

her discretion, may communicate with Participants to determine trading interest. 

2. Promptly upon receipt of an order the Authorized Employee shall communicate, on an 

anonymous basis, such order by posting an alert on the Javelin SEF system which shall be visible 

to all Market Participants.

3. Participants may cancel orders at any time prior to trade execution by communicating such 

cancellation to an Authorized Employee, and such cancellation shall become effective upon the 

Authorized Employee’s receipt of such cancellation. Order modification is not permitted. 

Instead, a customer may cancel an existing order and enter a new order.

4. Participants can determine if orders are firm or indicative by communicating with an Authorized 

Employee. Orders shall be matched by Authorized Employees on a price time priority (the order 

closest in price that is first in time is given priority). 

5. The Authorized Employee shall promptly inform Participants when they are matched in a voice 

trade and Javelin SEF will process the Trade, as directed by the counterparties, through either 

Javelin’s systems or by entering the Trade into MarkitWire. 

6. If the counterparties elect to process a Trade through MarkitWire, then such Trade will be 

subject to auto processing.