TP ICAP SEF

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TP ICAP has served OTC and exchange traded derivatives customers for many years by offering fair, liquid and robust markets. The regulatory framework that has been created in the US by the Dodd-Frank Act provided us with the opportunity to leverage our expertise in operating these markets and expand our services to create Swap Execution Facilities (SEF) encompassing a broad set of asset classes and currencies.

TP ICAP as a SEF

TP ICAP currently operates two multi-asset SEFs registered with the Commodity Futures Trading Commission – ICAP Global Derivatives Limited (IGDL) and tpSEF, Inc. Effective October 30, 2017, the business of ICAP SEF (US) LLC was transitioned to tpSEF. As of that date, ICAP SEF (US) LLC has ceased executing trades as a SEF.

Further information on TP ICAP’s SEFs, including IGDL's Facility Rulebook andtpSEF’s Rulebook, is now ava ilable on this page and on the Regulation tab above. Additional information on tpSEF is also available on tpSEF’s website, click here.

Please do not hesitate to reach out to your TP ICAP contacts if you would like to discuss any questions or concerns you may have about on-boarding. We have a team of people dedicated to helping our customers through this process. You may also send any questions about on-boarding, SEF workflow or the rulebook to SEFOn-boarding@icap.com for IGDL.

Regulation

Date

Title

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Date:

31 December 2020

Title:

tpSEF - Rulebook - Appendix C - Risk Mitigation Procedures

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Date:

01 July 2020

Title:

IGDL CFTC Filings - Rule Amendment Filing - July 1, 2020

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Date:

08 February 2017

Title:

IGDL CFTC Filings - Rule Amendment Filing – February 08, 2017

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Date:

28 May 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – May 28, 2015

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Date:

29 July 2014

Title:

IGDL CFTC Filings - Amended Emergency Rule Filing – July 29, 2014

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Date:

16 February 2016

Title:

MRAN IGDL 2016-2 – February 16, 2016

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Date:

16 November 2015

Title:

tpSEF - Rulebook - Appendix D - Appropriate Minimum Block Sizes by Asset Class

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Date:

19 June 2020

Title:

IGDL CFTC Filings - Rule Amendment Filing - June 19, 2020

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Date:

01 November 2016

Title:

IGDL CFTC Filings - Rule Amendment Filing – November 1, 2016

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Date:

07 May 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – May 7, 2015

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Date:

28 July 2014

Title:

IGDL CFTC Filings - Emergency Rule Filing – July 28, 2014

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Date:

28 January 2016

Title:

MRAN IGDL 2016-1 – January 28, 2016

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Date:

01 September 2017

Title:

tpSEF Terms of Use

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Date:

12 May 2020

Title:

IGDL CFTC Filings - Rule Amendment Filing - May 12, 2020

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Date:

22 July 2016

Title:

IGDL CFTC Filings - Rule Amendment Filing – July 22, 2016

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Date:

24 April 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – April 24, 2015

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Date:

18 July 2014

Title:

IGDL CFTC Filings - Rule Amendment Filings – July 18, 2014

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Date:

29 October 2015

Title:

MRAN IGDL 2015-7 – October 29, 2015

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Date:

23 April 2021

Title:

IGDL CFTC Filings - Weekly Notification of Rule Amendments – April 23, 2021

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Date:

26 March 2020

Title:

IGDL CFTC Filings - Rule Amendment Filing - March 26, 2020

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Date:

11 July 2016

Title:

IGDL CFTC Filings - Rule Amendment Filing – July 11, 2016

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Date:

24 March 2015

Title:

IGDL CFTC Filings - Revised Fee Schedule – March 24, 2015

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Date:

25 June 2014

Title:

IGDL-2014-R-3 – Rulebook v1.2 to v1.3 – Emergency Rule Change – June 25, 2014

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Date:

24 September 2015

Title:

MRAN IGDL 2015-6 – September 24, 2015

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Date:

21 April 2021

Title:

IGDL CFTC Filings - Product Certification Basis Swaps - Apr 21, 2021

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tpSEF CFTC Filings

tpSEF Market Regulation Notices

Board of Directors

The SEF board of directors includes:

  • Shawn Bernardo
  • James Quaile
  • John Spencer
  • David Perkins

Data

Hours

*All hours of operation are listed in local time

IGDL HOURS OF OPERATION
Sunday 15:00 New York time to Friday 17:30 New York time

IGDL HOLIDAY CLOSURES
Christmas Day
New Year's Day

tpSEF HOURS OF OPERATION
For information on tpSEF, click here 

iSWAP HOURS OF OPERATION
07:30 London time to 17:30 New York time, Monday to Friday

iSWAP HOLIDAY CLOSURES
New Year's Day
Martin Luther King Day
President's Day
Good Friday
Memorial Day
Independence Day
Labor Day
Columbus Day
Veteran's Day
Thanksgiving Day
Christmas Day

TP ICAP SEF

23 May 2021

Clone of Market Notice 2021.005.ISWAPEUROMTFSEF

This Market Notice is to advise that iSwap Euro B.V. is now operating as a dual registered EU MTF / SEF governed by the iSwap Venue Rulebook made available on the iSwap Euro MTF / SEF Venue Page accessed via the below

TP ICAP SEF

23 May 2021

Market Notice 2021.005.ISWAPEUROMTFSEFx

This Market Notice is to advise that iSwap Euro B.V. is now operating as a dual registered EU MTF / SEF governed by the iSwap Venue Rulebook made available on the iSwap Euro MTF / SEF Venue Page accessed via the below

TP ICAP SEF

23 May 2021

Market Notice 2021.005.ISWAPEUROMTFSEF

This Market Notice is to advise that iSwap Euro B.V. is now operating as a dual registered EU MTF / SEF governed by the iSwap Venue Rulebook made available on the iSwap Euro MTF / SEF Venue Page

TP ICAP SEF

23 May 2021

Clone of Market Notice 2021.005.ISWAPEUROMTFSEFx

This Market Notice is to advise that iSwap Euro B.V. is now operating as a dual registered EU MTF / SEF governed by the iSwap Venue Rulebook made available on the iSwap Euro MTF / SEF Venue Page accessed via the below