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NFA to provide regulatory services for BGC swap execution facility

National Futures Association (NFA) has signed an agreement to provide regulatory services for brokerage company BGC Partners' planned swap execution facility (SEF).

The deal will enable BGC and NFA to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for BGC to fulfill its SEF self-regulatory obligations.

BGC and NFA anticipate to enter into a formal regulatory services agreement following the issuance of the Commodity Futures Trading Commission’s (CFTC) final SEF rules.

NFA president Daniel Roth said that this is a significant step forward as they engage in new regulatory activity on behalf of SEFs. They look forward to working with BGC as they enhance their surveillance systems to assist BGC and other SEFs in meeting their regulatory responsibilities.