The deal establishes a preliminary framework for the exchange of information and the development of technology standards.
MarketAxess and NFA will develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for MarketAxess to fulfill its SEF self-regulatory obligations.
NFA and MarketAxess expect to sign a formal regulatory services agreement following the issuance of the Commodity Futures Trading Commission’s (CFTC) final SEF rules.
MarketAxess credit and risk officer Jim Rucker said they’re pleased to partner with the NFA to help MarketAxess prepare for the anticipated compliance and surveillance requirements under the Dodd-Frank Act.
"MarketAxess is fully committed to registering as a SEF as soon as the regulations permit, and working with the NFA will facilitate our preparations in this regard," added Rucker.
