CFTC to vacate swap execution facility registration of GTX SEF

Maria Nikolova

In line with GTX SEF’s request, the CFTC order revokes GTX SEF’s registration effective December 30, 2018.

The United States Commodity Futures Trading Commission (CFTC) announces today that it issued an order vacating the swap execution facility (SEF) registration of GTX SEF, LLC (GTX SEF). The order was issued at the request of GTX SEF.

The CFTC granted GTX SEF registration as a SEF on May 26, 2016. Vacating a SEF registration may happen in tune with the Commodity Exchange Act and CFTC regulations if an entity files a request with the CFTC at least 90 days prior to the requested date of vacation. GTX SEF served a notice to the Commission on October 1, 2018. Accordingly, per GTX SEF’s request, the order revokes GTX SEF’s registration effective December 30, 2018.

With the vacation of GTX SEF’s registration on December 30, 2018, there will be 24 SEFs registered with the CFTC.

Let’s recall that, GAIN Capital Holdings, Inc. (NYSE:GCAP) announced in June that it had completed the sale of the GTX ECN business to Deutsche Börse Group via its FX unit, 360T for a total purchase price of $100 million. In connection with the closing, GAIN received approximately $85 million, net of taxes and transaction-related expenses and fees.

“The sale of GTX marks a pivotal moment for GAIN by allowing us to focus additional attention and resources on the core retail business and setting us on a trajectory for enhanced growth and profitability,” said Glenn Stevens, Chief Executive Officer of GAIN Capital.

In today’s announcement, the CFTC explains that GTX gas represented that it will continue to comply with its applicable obligations, including maintaining books and records in line with statutory and regulatory requirements.

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