Central Limit Order Book

SwapEx provides subscribers with access to a sophisticated central limit order book service, aimed at providing access to continuous streaming liquidity for the most popular instruments. This same order book-style matching is also made available through an initiated Indication of Interest  enabling central limit order book functionality for other personalized swap instruments – a unique solution for meeting the CFTC’s definition of “Minimum Functionality” for Permitted Transactions.

Subscribers can trade on the central limit order book by either taking liquidity (hitting/lifting bids and offers) or adding liquidity (working orders by placing various and diverse types of orders into the book).

Traders can access the central limit order book by using the front-end presented by SwapEx or making use of Application Program Interfaces enabling users to customize their own interface and access to the liquidity pool.

Instruments that are centrally cleared will be delivered to supported DCO clearinghouses and customer trading will be represented into the liquidity pool through designated FCMs servicing each subscriber. FCMs will have the facility to establish pre-trade credit limits that will be enforced by the platform to provide greater certainty of execution for every subscriber.