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 tpSEFOnboarding@tullettprebon.com for tpSEF and sefaccountmanagers@us.icap.com for IGDL.

Regulation

IGDL Rulebook

tpSEF Rulebook

tpSEF CFTC Filings

tpSEF Market Regulation Notices

IGDL CFTC Filings

IGDL Market Regulation Notices

tpSEF CFTC Filings

tpSEF Market Regulation Notices

Board of Directors

The SEF board of directors includes:

  • Shawn Bernardo
  • James Quaile
  • John Spencer

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 

i-SWAP HOURS OF OPERATION
19:00 to 17:30 New York local time, Sunday to Friday

i-SWAP HOLIDAY CLOSURES

New Year's Day
Martin Luther King Day
President's Day
Good Friday *
Memorial Day
Juneteenth
Independence Day
Labor Day
Columbus Day
Veteran's Day
Thanksgiving Day
Christmas Day

* Except when Good Friday falls on the first Friday of April.