UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of
Javelin SEF, LLC for
Registration as a Swap Execution Facility

ORDER OF REGISTRATION

Javelin SEF, LLC (“Javelin SEF”) has submitted to the Commodity Futures Trading
Commission (“Commission” or “CFTC”), pursuant to Section Sh of the Commodity Exchange
Act (“Act”), 7 U.S.C. § 7b-3, and Commission Regulation 37.3(b), 17 C.F.R. § 37.3(b), an
application for registration as a swap execution facility, which includes submissions dated
September 11, 2013 through January 4, 2016.

Having reviewed Javelin SEF’s application, the Commission HEREBY ORDERS that,
pursuant to Section 5h of the Act and Commission Regulation 37.3(b)(6)(i), Javelin SEF is
granted registration as a swap execution facility, subject to the terms and conditions specified
herein:

(1) Javelin SEF shall comply with all representations and submissions made by
Javelin SEF in support of its application for registration as a swap execution facility, as shown in
the application record;

(2) Javelin SEF shall comply with all provisions of the Act and all requirements set
forth in the Commission’s regulations, as may be amended or adopted from time to time, that are

applicable to swap execution facilities, provided that:



(a) 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
37,9(a)(2) and 37.203(a) that are addressed in CFTC Letter No. 15-24, Javelin
SEF shall comply with the terms and conditions of CFTC Letter No, 15-24, for
the duration set forth therein;

(ii) In lieu of complying with the specific requirements of Commission Regulation
43.2 that are addressed in CFTC Letter No. 15-60, Javelin SEF shall comply
with the terms and conditions of CFTC Letter No. 15-60, for the duration set
forth therein; and

ii) In lieu of complying with the specific requirements of Commission Regulations
37,205(a) and 37.205(b)(2) that are addressed in CFTC Letter No. 15-68,
Javelin SEF shall comply with the terms and conditions of CFTC Letter No, 15-
68, for the duration set forth therein;

(b) | When any form of voice functionality is used in the process of communicating or
executing swap transactions on or pursuant to the rules of Javelin SEF, in lieu of conducting
surveillance of the audit trail data for such transactions in accordance with the electronic analysis
capability requirements of Commission Regulation 37.205(b)(3), Javelin SEF shall conduct such
surveillance in accordance with the terms and conditions of the voice audit trail surveillance
program that Javelin SEF has implemented, and has undertaken to continue to implement, in
connection with its application for registration as a swap execution facility, as shown in the
application record, Javelin SEF shall conform such voice audit trail surveillance program to

comply with (i) any written request by Commission staff, and (ii) any amendment to, or other



modification of, the requirements of Commission Regulation 37.205(b)(3), as they pertain to the
surveillance of audit trail data for swap transactions that are communicated or executed using
voice functionality, Subject to any such amendment to, or modification of, the requirements of
Commission Regulation 37.205(b)(3), each annual compliance report that is required to be
prepared for Javelin SEF pursuant to Commission Regulation 37.1501(e), and submitted to the
Commission pursuant to Commission Regulation 37.1501(f), shall include a description of the
efforts made by Javelin SEF, during the time period covered by the report, to pursue technology
that would enable the surveillance of audit trail data, for swap transactions that are
communicated or executed using voice functionality, to be conducted in accordance with the
electronic analysis capability requirements of Commission Regulation 37.205(b)(3); and

(c) Javelin SEF shall be responsible for compliance with the terms and conditions of
this Order of Registration, with respect to all regulatory services performed by any third party
service provider on behalf of Javelin SEF, within or outside of the jurisdiction of the United

States.
Issued in Washington, D.C. on this 22nd day of January, 2016.

By the Commission

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BAL | Debit.
Christopher J. Kitkpatrick
Secretary of the Commission