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Cboe Global Markets

Swap Execution Facility

A Next-Generation Swap Execution Facility

Cboe SEF (Swap Execution Facility) brings Cboe’s track record of innovation to the Non-Deliverable Forwards (NDFs) market. With the launch of Cboe SEF, market participants can trade NDFs on emerging market currencies for the first time on Cboe’s awardwinning technology. Cboe SEF delivers a next-generation market model that incorporates:

  • Fully anonymous CLOB with firm all-to-all trading available to all Participants
  • Configurable firm and non-firm streaming quotes for tailored liquidity needs
  • Curated liquidity pools to meet Participants’ execution criteria
  • Diverse network of Participants resting passive liquidity
  • Wide distribution network for Market Makers
  • Pre-trade Net Open Position (NOP) credit checks and real-time risk management
  • EMTA-standard contracts

Currently Available Contracts

Currency Pairs Min. Price Increments Fixing Reference
USD/BRL 0.0001 BRL PTAX (BRL09)
USD/CLP 0.05 CLP DOLAR OBS (CLP10)
USD/CNY 0.0001 CNY SAEC (CNY01)
USD/COP 1 COP TRM (COP02)
USD/IDR 1 IDR JISDOR (IDR04)
USD/INR 0.001 INR RBIB (INR01)
USD/KRW 0.01 KRW KFTC18 (KRW02)
USD/MYR 0.001 MYR KL REF (MYR04)
USD/PEN 0.0001 PEN INTERBANK AVE (PEN05)
USD/PHP 0.01 PHP PDSPESO (PHP06)
USD/TWD 0.001 TWD TAIFX1 (TWD03)

*Available tenors for each currency pair can be found here

Get Connected

Become a Participant on Cboe SEF as a:

  • Principal Trading Firm – for executing dealers with an ability to settle trades
  • Trading Firm – for proprietary trading firms that utilize a prime broker for credit
  • Prime Broker – for Prime Brokers that extend credit to their clients

Physical connectivity to the Cboe Spot Market at NY5 and LD4 can be leveraged to seamlessly access Cboe SEF.

To learn more, please visit our Rulebook or contact .

Onboarding

Application

Contact Us

Application Processing
Phone: Work +1.312.786.7449
Email:
Onboarding
Email:
   

Holidays & Hours

Unless otherwise noted in the Product specification for a Product listed in Chapter 10 of the SEF Rules, the Trading Hours of the SEF begin on each Sunday at 5:00 p.m. ET, and end on the following Friday at 5:00 p.m. ET, with a suspension of trading between 5:00 p.m. ET and 5:30 p.m. ET on each of the Monday through Thursday during each such period, with the exception of Christmas Day (December 25) and New Year’s Day (January 1) in each year, on which days the SEF will be closed.

Market Data

Last 5 Business Days

You may request additional historical data by contacting [email protected]

* As of Trade Date April 18, 2019, all Cboe SEF, LLC volumes are shown as single-counted notional values.

Contact Us

New York
Address:

17 State St., 31st Floor
New York, NY   10004 USA
Phone: Work +1.212.209.1420
Email:
To file a complaint regarding possible violations of Cboe SEF Rules please email:
To notify the SEF of a request to review a Transaction pursuant to Cboe SEF Rule 510 please email: