UNITED STATES OF AMERICA 

Before the 

COMMODITY FUTURES TRADING COMMISSION 

In the Matter of the Exemption of Multilateral 

Trading Facilities and Organised Trading Facilities 

Authorized Within the European Union 

from the Requirement to Register with the Commodity 

Futures Trading Commission as Swap Execution Facilities 

THIRD AMENDMENT TO APPENDIX A TO ORDER OF EXEMPTION 

On December 8, 2017, the Commodity Futures Trading Commission (“Commission”) 

issued an order (the “Order”) pursuant to section 5h(g) of the Commodity Exchange Act 

(“CEA”), granting each of the multilateral trading facilities (“MTFs”) and organised trading 

facilities (“OTFs”) listed in Appendix A to the Order an exemption from the requirement to 

register with the Commission as a swap execution facility (“SEF”). 

CEA section 5h(g) authorizes the Commission to grant such an exemption, conditionally 

or unconditionally, if the Commission finds that a “swap execution facility ... is subject to 

comparable, comprehensive supervision and regulation on a consolidated basis by ... the 

appropriate governmental authorities in the home country of the facility.” 

The Commission determined in the Order that the regulatory frameworks established in 

the European Union (“EU”) for MTFs and OTFs, respectively, satisfy the standard set forth in 

CEA section 5h(g) for granting an exemption from the SEF registration requirement. 

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Pursuant to this determination, the Order provided that staff of the European 

Commission’s Directorate-General for Financial Stability, Financial Services and Capital 

Markets Union (“DG FISMA”) could request that the Commission amend the list of MTFs and 

OTFs in Appendix A to the Order, to include additional MTFs or OTFs that are authorized and in 

good standing in an EU Member State that has completed its transposition of requirements under 

the EU’s amended Markets in Financial Instruments Directive (“MiFID II”). 

On December 3, 2018, following a request by staff of DG FISMA, the Commission 

amended the list of MTFs and OTFs in Appendix A to the Order to include additional MTFs, by 

replacing Appendix A to the Order with Amended Appendix A. 

On July 23, 2020, following a request by staff of DG FISMA, the Commission amended 

the list of MTFs and OTFs in Appendix A to the Order to include additional MTFs and OTFs, by 

replacing Amended Appendix A to the Order with the Second Amended Appendix A. 

In correspondence dated August 29, 2019 through July 13, 2022 (the “Requesting 

Correspondence”), staff of DG FISMA requested that the list of MTFs and OTFs in the Second 

Amended Appendix A to the Order be further amended to include the following additional MTFs 

and OTFs, and represented that each such MTF and OTF is authorized and in good standing in 

an EU Member State that has completed its transposition of MiFID II requirements: 

Financial & Risk Transaction Services Ireland Limited 

Market Securities OTF 

Tradition España OTF 

TRAD-X MTF 

NOW THEREFORE the Commission pursuant to the Order ORDERS that Second 

Amended Appendix A to the Order be deleted in its entirety and replaced with the Third 

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Amended Appendix A attached hereto, which includes each of the additional MTFs and OTFs 

identified above. 

iSwap Euro B.V. ("iSwap Euro") is listed in the Second Amended Appendix A to the 

Order as having been granted an exemption from the requirement to register with the 

Commission as a SEF. However, iSwap Euro is currently registered as a SEF. Therefore, iSwap 

Euro has been removed from the list of eligible MTFs and OTFs covered by the Order of 

Exemption in the Third Amended Appendix A. 

Several MTFs and OTFs listed in the Second Amended Appendix A list the United 

Kingdom ("UK") as their home country. In January 2020, the UK and the EU finalized the 

Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from 

the European Union and the European Atomic Energy Community (the "Withdrawal 

Agreement"). Pursuant to the Withdrawal Agreement, the UK left the EU as of the end of 

January 31 , 2020 and entered into a transition period that expired on December 31 , 2020. 

Therefore, such UK-based MTFs and OTFs have been removed from the list of eligible MTFs 

and OTFs covered by the Order of Exemption in the Third Amended Appendix A. 

Except as expressly provided herein, the Order is unaffected and shall continue in full 

force and effect in accordance with its terms. 

Issued in Washington, DC, on this 26th day of October, 2022. 

By the Commission, 

Christopher J. Kirkpatrick 

Secretary of the Commission 

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Third Amended Appendix A 

List of MTFs and OTFs covered by Order of Exemption 

Name 

Category 

(MTF or 

OTF) Home Country 

360 Treasury Systems AG MTF Germany 

Aurèl BGC OTF OTF France 

BTFE MTF Netherlands 

CAPI OTF OTF Spain 

CIMD OTF OTF Spain 

EBS MTF MTF Netherlands 

Financial & Risk Transaction Services Ireland 

Limited 

MTF Ireland 

HPC OTF OTF France 

ICAP EU OTF OTF France 

Market Securities OTF OTF France 

TP ICAP EU MTF MTF France 

TRAD-X MTF MTF France 

Tradeweb EU B.V. MTF Netherlands 

Tradition España OTF OTF Spain 

TSAF OTC OTF OTF France 

Tullett Prebon EU OTF OTF France 

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