Tradeweb Markets announced that the US Securities and Exchange Commission (SEC) approved the registration of its swap execution facility (TWSEF), which follows new requirements mandating that any trading system or platform facilitating the trading or execution of security-based swaps (SBS) among participants, as delineated in the requirements, register with the SEC as either an SBSEF or a national securities exchange.
With this approval, TW SEF is now eligible to operate as an SBSEF, thereby enabling institutional clients to trade single-name credit default swaps (CDS) via TW SEF in compliance with this new regulatory framework.
Elisabeth Kirby, managing director and head of Market Structure at Tradeweb, said in a statement: “This regulatory approval represents a significant step forward in fostering more transparency for institutional single-name CDS markets.”
TW SEF is the largest swap execution facility for vanilla swaps, with over $150 trillion traded in 2024, or 52% of industry-wide SEF volume, based on data from Clarus FT. In 2024, TW SEF facilitated over $590 billion in average daily volume, serving more than 57 liquidity providers and over 1,000 institutional clients trading interest rate swaps, single-name default swaps and credit default swap indices. In 2024, Tradeweb reported strong volumes in global derivatives trading with an average of $783.3 billion in rates derivatives traded daily.