TrueEX

From MarketsWiki
Jump to navigation Jump to search



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[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]