functionality, to be conducted in accordance with the electronic analysis capability
requirements of Commission Regulation 37.205(b)(3); and
(3) BGC 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 BGC, 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

Lb fy Dhl
LA Ls Abid: —
Christopher J. Kirkpatrick
Secretary of the Commission



UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of
BGC Derivatives Markets, L.P. for
Registration as a Swap Execution Facility

ORDER OF REGISTRATION

BGC Derivatives Markets, L.P. (“BGC”) has submitted to the Commodity Futures
Trading Commission (“Commission” or “CFTC”), pursuant to Section 5h 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 4, 2013 through January 19, 2016.

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

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

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

Gi) 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, BGC shall comply with the terms and conditions of CFTC
Letter No, 15-25, for the duration set forth therein;

(iti) In lieu of complying with the specific requirements of Commission
Regulation 43.2 that are addressed in CFTC Letter No. 15-60, BGC shall comply with

the terms and conditions of CFTC Letter No. 15-60, for the duration set forth therein;

(iv) 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,

BGC shail comply with the terms and conditions of CFTC Letter No. 15-68, for the

duration set forth therein; and j
(v) 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, BGC

shall, for the duration set forth therein, comply with the terms and conditions of

CFTC Letter No. 15-55, and shall, 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 BGC, subject to and in

compliance with BGC’s rules, policies and procedures; and

(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 BGC, 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), BGC shall conduct
such surveillance in accordance with the terms and conditions of the voice audit trail
surveillance program that BGC 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. BGC 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 BGC 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 BGC, 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