Swap Execution Facility

Bringing Cboe’s Track Record of Innovation to the Non-Deliverable Forwards Market

With the Q4 2017 launch of Cboe SEF (Swap Execution Facility), Non-Deliverable Forwards (NDFs) will be available to trade for the first time on Cboe’s award-winning technology. Exposure to emerging market currencies is made possible through participation on Cboe SEF, featuring:

  • Fully anonymous CLOB with firm all-to-all trading available to all Participants
  • Configurable firm and non-firm streaming quotes for tailored liquidity needs
  • Curated liquidity pools to meet Participants’ execution criteria
  • Diverse network of Participants resting passive liquidity
  • Wide distribution network for Market Makers
  • Pre-trade Net Open Position (NOP) credit checks and real-time risk management
  • EMTA-standard contracts

Currently Available Contracts

Currency Pairs Tenors Min. Price Increments Fixing Reference Min. Order Size
USDKRW 1M 0.1 KRW KFTC18 (KRW02) $100,000 Notional
USDBRL Equivalent BM&F Future 0.0001 BRL PTAX (BRL09) $100,000 Notional
USDINR 1M 0.01 INR RBIB (INR01) $100,000 Notional
USDTWD 1M 0.01 TWD TAIFX1 (TWD03) $100,000 Notional
USDCNY 1M 0.0005 CNY SAEC (CNY01) $100,000 Notional

Get Connected

Become a Participant on Cboe SEF as a:

  • Principal Trading Firm – for executing dealers with an ability to settle trades
  • Trading Firm – for proprietary trading firms that utilize a prime broker for credit
  • Prime Broker – for Prime Brokers that extend credit to their clients

Physical connectivity to the Cboe Spot Market at NY5 and LD4 can be leveraged to seamlessly access Cboe SEF.

To learn more, please visit our Rulebook or contact SEFoperations@cboe.com.