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Seed SEF

Seed SEF, a CFTC-regulated swap execution facility, is a marketplace for the trading of forwards, options and other derivatives overlaying various cryptocurrencies. Seed SEF serves to complement Seed Market, our crypto spot exchange, by offering Participants the ability to hedge or transfer risk associated with their crypto trading, or other crypto related business on a regulated and properly-registered platform with federal oversight.

Regulatory Overview

What is a SEF?

Swap Execution Facilities (SEFs) are trading facilities that operate under the regulatory oversight of the CFTC, pursuant to Section 5h of the Commodity Exchange Act (“the Act”), 7 U.S.C. 7b-3. Criteria, procedures, and requirements for registration as a SEF are set forth in Section 5 of the Act, 7 U.S.C. 7, and Part 37 of the CFTC’s regulations.

What is a swap?

The term "swap" has a broad definition, enumerated in 7 U.S.C. 1a(47). All Contracts made available for trade on Seed SEF are swaps, including physically and financially-settled forwards, options and broad-based index swaps.

Obligations as a SEF

To obtain and maintain its registration, a SEF must also comply, on an initial and ongoing basis, with the following fifteen Core Principles:

  1. Compliance with Core Principles
  2. Compliance with Rules
  3. Swaps Not Readily Susceptible to Manipulation
  4. Monitoring of Trading and Trade Processing
  5. Ability to Obtain Information
  6. Position Limits or Accountability
  7. Financial Integrity of Transactions
  8. Emergency Authority
  9. Timely Publication of Trading Information
  10. Recordkeeping and Reporting
  11. Antitrust Considerations
  12. Conflicts of Interest
  13. Financial Resources
  14. System Safeguards
  15. Designation of Chief Compliance Officer

Seed SEF complies with all fifteen Core Principles.

Regulatory Documentation

Current Versions

Submissions

2017
2016