Javelin Capital Markets

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Javelin Capital Markets
Logo Javelin.jpg
Founded 2009
Headquarters New York
Key People John Sullivan, CEO
Products Swaps trading platform
Website thejavelin.com
Releases Company News

Javelin Capital Markets is a swaps trading platform located in New York. The firm was one of the original swap execution facilities approved by the Commodity Futures Trading Commission after the 2013 implementation of rules related to the Dodd-Frank Act. In August 2016, the firm was acquired by Bats Global Markets, for an undisclosed sum. Upon regulatory approval, the Javelin SEF will be rolled it into Bats' Hotspot FX platform.[1]

History

Javelin Capital Markets LLC was founded in 2009. The platform uses anonymous electronic and voice-hybrid technology for the trading of swaps and foreign exchange forward contracts. [2]

In December 2011, Javelin and exchange operator CME Group announced they had set a new standard for real time reporting of cleared over-the-counter (OTC) derivatives trades. The value of these contracts totaled $4.1 billion in notional value.[3]

In September 2013, Javelin's swap execution facility, Javelin SEF, was granted temporary approval by the CFTC, and began listing swaps and FX derivatives in all the major currencies, plus non-deliverable forwards, on a single platform. The following month, Javelin created a stir in the industry by applying for a "made available to trade" ("MAT") determination that other SEFs said was "overly broad" and would therefore require that almost any swap would be mandated to trade on a swap execution facility (SEF).[4]

Though Javelin was an early participant in the SEF race, market share drifted to other, more established players, including inter-dealer brokers ICAP, Tullett Prebon and BGC Partners, and large dealer-to-client platforms such as Bloomberg and Tradeweb. In the months leading up to the Bats acquisition, Javelin SEF reported zero volume to the FIA's SEF Tracker.[5]

CEO and founder James Cawley left Javelin in May 2014 and was replaced by John “Wally” Sullivan, founder of the equity dark pool Pulse Trading.[6] Cawley maintained his share of the company and continued to serve on the board after his resignation.[7] In October of that year, Cawley joined rival BGC Partners as CEO of its SEF.[8]

Products and Services

Key People

References

  1. Exchange operator Bats to buy swaps trading platform Javelin. Reuters.
  2. Javelin and CME Execute and Clear $4.1 Billion of Interest Rate Swaps in Real Time. Javelin.
  3. Javelin and CME clearing handle swaps in seconds. Financial Times.
  4. Javelin MAT Submission Makes Waves. Markets Media.
  5. FIA releases SEF Tracker for June. FIA.
  6. Javelin Capital Markets, LLC announces new CEO, John "Wally" Sullivan. Reuters.
  7. Cawley exit signals SEF struggles. International Financing Review.
  8. James Cawley Joins BGC's SEF as Chief Executive Officer. PR Newswire.