The renowned provider of software and consulting services to the Capital Markets industry, First Derivatives, has announced the launch of its new initiative named as Swap Execution Facility. That’s not all, but, James Sanders has been named as the new Chief Compliance Officer of the company. Incidentally, Swap Execution Facility, also known as SEF is now mandatory in US, under the Dodd-Frank Wall Street Reform and the Consumer Protection Act for not only trading, but, clearing purposes of swaps as well. First Derivatives wants to register as an SEF as it is trying to provide its customers with an enterprise wide solution, especially in respect of the Delta Flow Platform. According to reports, First Derivatives will be filing its registration for SEF with the US Commodity Futures Trading Commission in 2013. In London, the First Derivatives shares are currently fetching a price of 608.00 GBP.
Incidentally, not only in US, but similar measurements have been taken under the European Market Infrastructure Regulation and the Markets in Financial Instruments Directive as well. Most of the swap contracts which are now traded over the country are expected to be migrated to the multi-party electronic trading platforms, thereby creating better price transparency and increased liquidity as well, with more participants entering the forex market.
James Sanders’ appointment as the new Chief Compliance Officer incidentally is for overseeing the company’s registration as a SEF. Before this post, James used to work as the Chief Compliance Officer of FXCM, a leading online currency trading firm. Apart from that, James had also worked as the Compliance, Legal and Regulatory positions as the Director and Regulatory Counsel in the Credit Suisse’s Legal and Compliance Department. Other than that, he has served as the Counsel in the Financial Institutions Practice Group of Fulbright & Jaworski, a known international law firm and also as the Senior Trial Attorney of the Enforcement of the CFTC. According to insider sources, James will be reporting to the Board of First Derivatives directly.
The CEO of First Derivatives, Brian Conlon, stated that he is ecstatic to welcome James as part of the Senior Management team. Brian added that James has more than 20 years of experience in the Regulatory and Compliance Department of the Capital Markets Industry and hence he will play an instrumental role in helping the company to meet current compliance and regulatory requirements.