1 

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

 

AMENDMENT 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”), with respect to multilateral trading facilities (“MTFs”) and organised trading facilities 

(“OTFs”) authorized within the European Union (“EU”). 

CEA section 5h(g) authorizes the Commission to exempt, conditionally or 

unconditionally, a swap execution facility (“SEF”) from registration under CEA section 5h if the 

Commission finds that the 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 legal acts of the EU establish EU-wide 

requirements with respect to MTFs and OTFs, respectively, that satisfy the exemptive standard 

set forth in CEA section 5h(g) for granting an exemption from the SEF registration requirement. 
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Pursuant to that determination, the Commission granted an exemption from SEF 

registration to each of the MTFs and OTFs listed in Appendix A to the Order, as such Appendix 

A may be amended by the Commission from time to time in accordance with the terms of the 

Order.

By way of amendment issued on December 3, 2018, the Commission updated the list of 

MTFs and OTFs in Appendix A to the Order to include certain additional MTFs and OTFs.

Following notification, on March 29, 2017, by the United Kingdom of Great Britain and 

Northern Ireland (“UK”) to the European Council, in accordance with Article 50 of the Treaty on 

European Union, of the UK’s intention to withdraw from the EU and the European Atomic 

Energy Community (“Euratom”), the UK entered into an agreement, effective February 1, 2020, 

with the EU and Euratom (the “Withdrawal Agreement”), which set out the arrangements for 

such withdrawal.

Pursuant to the Withdrawal Agreement, as established in UK law pursuant to domestic 

legislation, the EU-wide requirements that apply with respect to MTFs and OTFs authorized 

within the EU will for the duration of the transition period specified in Article 126 of the 

Withdrawal Agreement and any extension thereof pursuant to Article 132 (the “Transition 

Period”) continue to apply with respect to MTFs and OTFs that are authorized within the UK.

In this regard, the European Commission has reiterated the undertakings memorialized in 

the Order and has confirmed to the Commission that during the Transition Period references to 

“the EU Member State” or “an EU Member State” in certain representations made therein to the 

Commission shall be construed to refer to and include the UK.
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Accordingly, during the Transition Period and subject to the terms of the Order, the 

Commission’s determination that the respective regulatory frameworks for MTFs and OTFs 

satisfy the exemptive standard set forth in CEA section 5h(g) continues to apply with respect to

the MTFs and OTFs that are authorized within the UK and listed in Appendix A to the Order, as 

such Appendix A may be amended by the Commission from time to time.

NOW THEREFORE the Commission ORDERS that references in the Order to MTFs and 

OTFs “that are authorized within the EU” shall be construed during the Transition Period to 

include MTFs and OTFs that are authorized within the UK, and references in the Order to MTFs 

and OTFs “that are authorized and in good standing in an EU Member State” shall be construed 

during the Transition Period to include MTFs and OTFs that are authorized and in good standing 

in the UK.

For the avoidance of doubt, pursuant to the Order and subject to the terms thereof, each 

MTF and OTF that is authorized within the UK and listed in Appendix A to the Order, as such 

Appendix A may be amended by the Commission from time to time, is during the Transition 

Period exempt from the requirement to register as a SEF pursuant to CEA section 5h. 

SECOND 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”). 
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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.

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 four additional 

MTFs, by replacing Appendix A to the Order with Amended Appendix A.

In correspondence dated February 18, 2019 through July 4, 2020 (the “Requesting 

Correspondence”), staff of DG FISMA requested that the list of MTFs and OTFs in 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:
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360 Treasury Systems AG 

Aurèl BGC OTF

BTFE

CAPI OTF

CIMD OTF

Digital Vega FX

HPC OTF

ICAP EU OTF

iSWAP Euro B.V. 

KBL OTF

TP ICAP EU MTF

Tradeweb EU B.V.

Tradition-NEX OTF

TSAF OTC OTF

Tullett Prebon EU OTF 

NOW THEREFORE the Commission exercises its discretion pursuant to CEA section 

5h(g), and ORDERS that Amended Appendix A to the Order be deleted in its entirety and 

replaced with the Second Amended Appendix A attached hereto, which includes each of the 

additional MTFs and OTFs identified above. 

ICAP Global Derivatives Limited (“IGDL”) and NEX SEF Limited (“NEX SEF”) are

listed in Amended Appendix A to the Order as having been granted an exemption from the 

requirement to register with the Commission as a SEF. However, IGDL and NEX SEF are

currently registered as SEFs. Therefore, IGDL and NEX SEF have been removed from the list 

of eligible MTFs and OTFs covered by the Order of Exemption in the Second Amended 

Appendix A. 

The Second Amended Appendix A also specifies the EU Member State that is the home 

country of each respective MTF and OTF listed therein. The Second Amended Appendix A 

recognizes that, as of March of 2019, the home country of the EBS MTF is the Netherlands. In 

the Requesting Correspondence, staff of DG FISMA confirmed that the EBS MTF is authorized 
and in good standing in the Netherlands, and that the Netherlands has completed its transposition 

of MiFID II requirements. 

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 23rd day of July, 2020. 

By the Commission, 

Christopher J. Kukpatrick 

Secretary of the Commission 

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Second 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

Bloomberg Multilateral Trading Facility Limited MTF United Kingdom

BGC Brokers LP OTF United Kingdom

BTFE MTF Netherlands

CAPI OTF OTF Spain

CIMD OTF OTF Spain

Creditex Brokerage LLP MTF United Kingdom

Currenex MTF United Kingdom

Digital Vega FX MTF United Kingdom

Dowgate MTF United Kingdom

EBS MTF MTF Netherlands

FX Connect MTF United Kingdom

GFI Brokers Limited OTF United Kingdom

HPC OTF OTF France

ICAP EU OTF OTF France

ICAP Securities OTF United Kingdom

ICAP WCLK MTF United Kingdom

iSWAP MTF United Kingdom

iSwap Euro B.V. MTF Netherlands

KBL OTF OTF United Kingdom

Sunrise Brokers LLP OTF United Kingdom

Thomson Reuters MTF United Kingdom

TP ICAP EU MTF MTF France

Trad-X MTF United Kingdom

Tradeweb EU B.V. MTF Netherlands
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Name Category

(MTF or 

OTF)

Home Country

Tradeweb Europe Limited MTF United Kingdom

Tradition OTF United Kingdom

Tradition-NEX OTF OTF United Kingdom

TSAF OTC OTF OTF France

Tullett Prebon Europe OTF United Kingdom

Tullett Prebon Europe MTF United Kingdom

Tullett Prebon EU OTF OTF France