TrueEX

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trueEX
TrueEX logo.jpg
Founded 2011
Headquarters New York
Key People Sunil Hirani, Jim Miller; co-founders
Products Credit derivatives exchange
Website www.trueex.com

TrueEX is an electronic swaps trading platform for interest rate derivatives, co-founded in February 2012 by former Creditex executives Sunil Hirani and Jim Miller.[1]

On September 27, 2012, the CFTC granted Designated Contract Market (DCM) status to trueEX and in April 2013 its first products were announced - futures contracts based on three credit spread indices licensed from S&P Dow Jones Indices.[2]

The company branched into the digital asset space in March 2018, with plans to list non-deliverable forward contracts on bitcoin.[3]

Tassat took over the swap execution facility (SEF) registration from trueEX, effective on November 6, 2019.[4] TrueEX is an interest rate swap platform.

TrueEX's DCM designation was determined to be dormant by the CFTC on November 1, 2019.[5]


History

TrueEX co-founders Hirani and Miller were executives at Creditex, an execution and processing platform for credit default swaps when in 2008 the Intercontinental Exchange (ICE) acquired the firm in a $513 million acquisition. [6] After a transition period, the two left Creditex to begin the venture that was to become trueEX.

In April 2013, trueEX announced plans to launch a service to provide termination, compaction, re-balancing and back-loading services to clients of CME Clearing.[7]

In July 2013, truEX filed an application with the CFTC to operate a swap execution facility (SEF). The application was granted temporary approval as of September 20, 2013.

The company announced in March 2018 it planned to list non-deliverable forwards on bitcoin on a new subsidiary called trueDigital, which works on product development, sales and marketing for digital assets. The subsidiary partnered with ConsensSys, to develop a benchmark for ether and other digital products. The contracts will trade on the trueEX platform.[8]

Products and Services

In April 2013, trueEX obtained a license from S&P Dow Jones Indices to list futures contracts on three new credit indices:

  • S&P/ISDA U.S. 150 Credit Spread Index
  • S&P/ISDA U.S. Corporate 120 Credit Spread Index
  • S&P/ISDA U.S. Financial 30 Credit Spread Index

Also in April 2013, trueEX announced the launch of PTC (Portfolio Terminations and Compactions), a proprietary platform for reducing margin on swap positions.

Key People

  • Sunil Hirani, Co-founder, CEO
  • Jim Miller, Co-founder, head of product development
  • Tony Schiavo, Chief Technology Officer
  • Karin Wichman, Chief Legal Officer
  • Fran Kenck, Chief Regulatory Officer
  • Sara Lewin, Chief Administrative Officer
  • Lawrence Israeloff]], Chief Financial Officer

References

  1. Derivatives Entrepreneur to Launch Swaps Exchange. WSJ.com.
  2. S&P Dow Jones Indices Launches Credit Spread Indices Based on S&P 500; trueEX Licenses Indices to Create Credit Spread Futures Contracts. MarketWatch.
  3. Derivatives Entrepreneur to Launch Swaps Exchange. WSJ.com.
  4. Order of Transfer of Swap Execution Facility Registration. Commodity Futures Trading Commission.
  5. Trading Organizations - Designated Contract Markets (DCM). U.S. Commodity Futures Trading Commission.
  6. trueEX Unit to Launch Regulated Marketplace for Digital Assets. Press Release.
  7. trueEX plans to provide CME Group's clearing members and customers with trueEX's portfolio termination, compaction, re-balancing and back-loading services. PR Newswire.
  8. rueEX to Launch trueDigital Derivatives Marketplace for Digital Assets, Partners with ConsenSys. Crowdfund Insider.
Last modified on 22 February 2021, at 22:51