TeraExchange to launch central limit order books for OTC cleared derivatives
TeraExchange is planning to launch central limit order books for OTC cleared derivatives in the fourth quarter of 2011.
Currently registered as an exempt board of trade (EBOT) for swaps and other OTC cleared derivatives, TeraExchange intends to become a swap execution facility (SEF) once the SEC and CFTC rules are finalized in early 2012.
TeraExchange is planning to introduce a platform featuring integrated cross-asset trading, anonymity, pre-trade analytics and voice broker assistance, as well as central clearing through CME, ICE and LCH.Clearnet.
In addition, the exchange expects to offer enhanced liquidity, improved pricing, pre-trade credit checks on all bids/asks and streamlined reporting requirements.
The exchange will provide a C++ algo engine, FIX application programming interface for direct access to the exchange and swap data repository reporting.
TeraExchange CEO Christian Martin said legacy platforms won't work in this transforming market landscape and new world being created. Their agile, transparent multi-asset trading solution can be shaped to accommodate a near limitless number of objectives and strategies.
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