TrueEX
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| trueEX | |
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| 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[edit]
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[edit]
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[edit]
- 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[edit]
- ↑ Derivatives Entrepreneur to Launch Swaps Exchange. WSJ.com.
- ↑ S&P Dow Jones Indices Launches Credit Spread Indices Based on S&P 500; trueEX Licenses Indices to Create Credit Spread Futures Contracts. MarketWatch.
- ↑ Derivatives Entrepreneur to Launch Swaps Exchange. WSJ.com.
- ↑ Order of Transfer of Swap Execution Facility Registration. Commodity Futures Trading Commission.
- ↑ Trading Organizations - Designated Contract Markets (DCM). U.S. Commodity Futures Trading Commission.
- ↑ trueEX Unit to Launch Regulated Marketplace for Digital Assets. Press Release.
- ↑ 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.
- ↑ rueEX to Launch trueDigital Derivatives Marketplace for Digital Assets, Partners with ConsenSys. Crowdfund Insider.