TrueEX Group

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trueEX Group LLC

Private

Limited Liability Company
Industry Designated Contract Market (DCM)
Founded

October 21, 2010

Delaware
Headquarters New York City, United States
Key people

Sunil Hirani, Founder and CEO

James R. Miller, Co-Founder
Products

Electronic Exchange

for Interest Rate Swaps (IRS)
Website www.trueex.com

trueEX Group LLC, known as trueEX, is a New York based financial technology company established on October 21, 2010, by Founder Sunil G. Hirani, a Co-Founder of Creditex Group Inc.[1] and his Co-founder, Jim Miller.

trueEX is organized as a Delaware limited liability company and is a wholly owned subsidiary of trueEX Group. It is established as an electronic exchange platform for global interest rate swaps (IRS), a market estimated at over $300 trillion.

On September 28, 2012,[2] trueEX became the first electronic swaps exchange to receive approval by the U.S. Commodity Futures Trading Commission (CFTC)[3] as a Dodd-Frank compliant Designated Contract Market (DCM).[4]

trueEX was created in response to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which imposed new regulations and standards on the financial markets following the 2008 financial crisis. The company will initially trade interest rate swaps, will add other liquid derivatives to its portfolio and is the first to provide back loading, termination, re-balancing and compaction services for the interest rate swaps market.

In the first year of operation, trueEX has on boarded 11 clearing houses, 14 dealers, and 63 buy-side firms. trueEX has executed over $2.7 trillion in PTC, RFQ, Compressions, and Post Trade Services for the buy-side and dealer community.

References[edit]

  1. ^ "ICE OTC: Credit Derivatives". Theice.com. Retrieved 2012-10-16. 
  2. ^ "CFTC Designates trueEX LLC as a Contract Market". Cftc.gov. Retrieved 2012-10-16. 
  3. ^ "About the CFTC - CFTC". Cftc.gov. 2009-05-26. Retrieved 2012-10-16. 
  4. ^ "77 FR 36611". Cftc.gov. Retrieved 2012-10-16.