NEX SEF-2018-R-6

June 18, 2018

Submitted via CFTC Portal

Division of Market Oversight

U.S. Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: NEX SEF Limited – Regulation 40.6 Rule Certification – Revised Fee Program

Ladies and Gentlemen:

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

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

SEF” or the “SEF”) hereby notifies the Commission that it is publishing a revised “Fee Program,” which 

includes NEX SEF’s fee schedule (the “Fee Schedule”) and discount programs. 

The Fee Program has been revised to include a new fee schedule for Pre-Arranged Cross transactions 

and to update the term of certain discount programs. No other substantive changes are being made to the 

Fee Schedule or discount programs as part of this revised Fee Program.

A clean copy of the Fee Program is attached hereto as Exhibit A, and a marked copy of the Fee Program 

against the current version is attached hereto as Exhibit B. A request for confidential treatment of the Fee 

Program is being simultaneously submitted to the Commission and a copy of that request for confidential 

treatment is included with this submission. 

The Fee Program will become effective on July 2, 2018.

NEX SEF certifies that the revised Fee Program complies with the requirements of the Act and the rules 

and regulations promulgated thereunder. NEX SEF has reviewed the swap execution facility core 

principles (“Core Principles”) as set forth in the Act and has determined that the Fee Program complies 

with the requirements of impartial access in Core Principle 2 and Commission Regulation 37.202 because 

all fees and any discounts will be applied on an impartial, fair and non-discriminatory manner, and the 

Fee Program will be made transparent to all Participants. In compliance with Core Principle 2 and 

Commission Regulation 37.200, the Fee Program does not incentivize manipulative trading or market 

abuse or impact NEX SEF’s ability to perform its trade practice and market surveillance obligations under 

the Act, and NEX SEF’s Market Regulation staff will continue to monitor trading to prevent manipulative 

trading and market abuse. The Fee Program also complies with the requirements for monitoring and 

trade processing in Core Principle 4 and Commission Regulation 37.401, and the recordkeeping and 

reporting requirements in Core Principle 10 and Commission Regulations 37.1000 and 37.1001. NEX 

SEF has implemented systems to track Fee Program participants’ transactions to ensure proper fee 

discounts are applied. 

NEX SEF is not aware of any substantive opposing views expressed with respect to this filing and 

certifies that, concurrent with this filing, a copy of this submission was posted on the NEX SEF website 

and may be accessed at:

http://www.nexsef.com/. 
2

Please contact the undersigned at (212) 704-5491 with any questions regarding this matter.

Very truly yours,

Elisa Hirschmann, Chief Compliance Officer

NEX SEF LIMITED

2 Broadgate

London EC2M 7UR

United Kingdom

ACTIVE 232881019v.1