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:

21 July 2021

Title:

IGDL Rulebook

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Date:

18 December 2020

Title:

IGDL CFTC Filings - Rule Amendment Filing – Dec 18, 2020

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Date:

18 December 2017

Title:

IGDL CFTC Filings - Rule Amendment Filing – December 18, 2017

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Date:

16 February 2016

Title:

IGDL CFTC Filings - Rule Amendment Filing – February 16, 2016

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Date:

26 January 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – January 26, 2015

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Date:

14 December 2016

Title:

MRAN IGDL 2016-10 – December 14, 2016

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Date:

21 April 2021

Title:

Product Certification Basis Swaps - Apr 21, 2021

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Date:

01 January 2014

Title:

IGDL TPH Agreement showing marked up changes for DMA

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Date:

20 November 2020

Title:

IGDL CFTC Filings - Weekly Notification of Rule Amendments – Nov 20, 2020

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Date:

29 November 2017

Title:

IGDL CFTC Filings - Rule Amendment Filing - November 29, 2017

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Date:

20 January 2016

Title:

IGDL CFTC Filings - Rule Amendment Filing – January 20, 2016

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Date:

21 January 2015

Title:

IGDL CFTC Filings - Revised Fee Schedule (Amendment) – January 21, 2015

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Date:

19 August 2016

Title:

MRAN IGDL 2016-7 – August 19, 2016

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Date:

21 April 2021

Title:

Product Certification Floating IRS - Apr 21, 2021

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Date:

16 July 2013

Title:

IGDL - Block Trade Thresholds

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Date:

05 November 2021

Title:

IGDL CFTC Filings - Weekly Notification of Rule Amendments – Nov 5, 2020

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Date:

12 September 2017

Title:

IGDL CFTC Filings - Rule Amendment Filing – September 12, 2017

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Date:

25 November 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – November 25, 2015

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Date:

15 January 2015

Title:

IGDL CFTC Filings - Revised Fee Schedule – January 15, 2015

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Date:

11 July 2016

Title:

MRAN IGDL 2016-7 – July 11, 2016

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Date:

16 August 2021

Title:

TP ICAP SEF - PTNGU FAQ

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Date:

24 March 2021

Title:

tpSEF - Rulebook

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Date:

29 October 2020

Title:

IGDL CFTC Filings - Weekly Notification of Rule Amendments – October 29, 2020

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Date:

16 August 2017

Title:

IGDL CFTC Filings - Rule Amendment Filing – August 16, 2017

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Date:

15 October 2015

Title:

IGDL CFTC Filings - Rule Amendment Filing – October 15, 2015

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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

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

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