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October 20, 2013

Javelin the first SEF to submit MAT determination request

Javelin SEF, LLC has provided its determination of Made Available to Trade (MAT) of certain Interest Rate Swaps made pursuant to Parts 37 of the Rules of the Commodity Futures Trading Commission on 18 October 2013.

As Bloomberg point points out, Javelin "may accelerate the Dodd-Frank Act’s migration of U.S. swaps trading onto public markets by seeking permission to list and make interest-rate swaps available on its new trading platform."

The CFTC will review and seek public comment on Javelin’s plan, which covers most of the interest-rate swaps market. The review will take as long as 90 days, until Jan. 16, the agency said. The comment period will close 19 November 2013.

The platform’s filing covers interest-rate swaps in U.S. dollars, British pound sterling and euros that last between one month and 51 years in duration.

Javelin's application is a good example of the complexity that SEF's face when applying for MAT determination. But it also gives a good insight into the most liquid and thus tradeable interest rate swaps currently out there.


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