of the efforts made by GFI, 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

(3) GFI 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 GFI, 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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LAL. | Dhieh
Christopher J, Kirkpatrick
Secretary of the Commission



UNITED STATES OF AMERICA
Before the
COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of
GFI Swaps Exchange, LLC for
Registration as a Swap Execution Facility

ORDER OF REGISTRATION

GFI Swaps Exchange, LLC (“GFT”) 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 July
19, 2013 through January 19, 2016.

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

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

(2) GFI 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, GFI 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
Regulations 37.6(b), 37.1000, 37.1001, 45.2(a) and 45.3(a) that are addressed in
CFTC Letter No. 15-25, GFI shall comply with the terms and conditions of CFTC
Letter No, 15-25, for the duration set forth therein;
(ili) In lieu of complying with the specific requirements of Commission
Regulation 43.2 that are addressed in CFTC Letter No. 15-60, GFI 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, GFI shall comply with the terms and conditions of CFTC Letter No, 15-68,
for the duration set forth therein; and
{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, GFI
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 GFI, subject to and in compliance with GFI’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 GF, 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),
GFI shall conduct such surveillance in accordance with the terms and conditions of the
voice audit trail surveillance program that GFI 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. GFI 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 GFI pursuant to Commission Regulation 37.1501(e), and submitted to the

Commission pursuant to Commission Regulation 37.1501(f), shall include a description