Swap Execution Facility

A Next-Generation Swap Execution Facility

Cboe SEF (Swap Execution Facility) brings Cboe’s track record of innovation to the Non-Deliverable Forwards (NDFs) market. With the launch of Cboe SEF, market participants can trade NDFs on emerging market currencies for the first time on Cboe’s awardwinning technology. Cboe SEF delivers a next-generation market model that incorporates:

  • 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 0.001 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.