UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

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

ORDER OF REGISTRATION

TW SEF LLC (“TW SEF”) has submitted to the Commodity Futures Trading
Commission (“Commission” or “CFTC”), pursuant to Section Sh of the Commodity Exchange
Aet (“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 July 5,
2013 through January 19, 2016.

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

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

(2) TW 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, as prior relief granted by Commission staff

pursuant to Commission regulation 140.99 remains in effect:



(a) 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, TW
SEF shall comply with the terms and conditions of CFTC Letter No, 15-24, for the
duration set forth therein;

(b) In lieu of complying with the specific requirements of Commission
regulations 37.6(b), 37.1000, 37.1001, 45.2(a) and 45.3(a) that are addressed in CFTC
Letter No. 15-25, TW SEF shall comply with the terms and conditions of CFTC Letter
No, 15-25, for the duration set forth therein;

(c) In lieu of complying with the specific requirements of Commission
regulation 43,2 that are addressed in CFTC Letter No. 15-60, TW SEF shall comply with
the terms and conditions of CFTC Letter No. 15-60, for the duration set forth therein;

(d) 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, TW
SEF shall comply with the terms and conditions of CFTC Letter No. 15-68, for the
duration set forth therein; and

(e) In lieu of complying with the specific requirements of Commission.
Regulations 37,3(a)(2) and 37.9 that are addressed in CFTC Letter No. 15-55, TW SEF
shall, for the duration set forth therein, comply with the terms and conditions of CFTC
Letter No. 15-55, and shail, in accordance with such terms and conditions, facilitate the
execution of a swap that is subject to the trade execution requirement set forth in section
2(h)(8) of the Act, and is a component of a MAT/New Issuance Bond Package
Transaction, MAT/Futures Package Transaction, MAT/Non-MAT Uncleared Package

Transaction, MAT/Non-Swap Instruments Package Transaction or MAT/Non-CFTC



Swap Package Transaction, as each such term is defined in CFTC Letter No, 15-55,

through any method of execution offered by TW SEF, subject to and in compliance with

TW SEF’s rules, policies and procedures; and

(3) | TW 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 TW 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

Lh f \ De & if
Christopher J. Kirkpatrick
Secretary of the Commission