SEFs & DCMs Course

Swap Execution Facilities (SEFs) and Designated Contract Markets (DCMs) exist as part of the US response to the financial crisis. This is also in line with the G-20 group of nations agreement, to bring better transparency to the swaps market.

SEFs and DCMs are centralised execution platforms that require member firms to appoint authorised traders to act on behalf of the firm. Both required and permitted transactions can be executed on these platforms.

Our SEFs & DCMs Course provides an overview of each platform when to use them and the key rules applicable to transactions.

About this Course

This SCORM-compatible course is part of our FCA Compliance Library.

Learning Objectives

This course will prepare your employees to:

Recognise what SEFs and DCMs are, and when swaps must be executed on them
Identify the specific rules of the SEF or DCM on which you are executing swaps, given that such rules can vary between SEFs, and between SEFs and DCMs
Apply the key rules that are applicable to swaps transactions on SEFs

Latest Course Updates

Course redesigned with a more modern feel
Full review conducted by an FCA expert
Text & image updates throughout the course

Course outline

Welcome

Background on SEFs & DCMs

- What does Title VII cover?
- Dodd-Frank Act
- Knowledge check
- Execution on SEF or DCM

Required transactions

- Knowledge check

Focus on block trades

- Knowledge check

Permitted transactions

- General duties of SEF or DCM participants
- Prohibition on pre-arranged trading & pre-execution communications
- Permitted pre-execution communications
- Knowledge check

Prohibition against disruptive trading

- Knowledge check

Execution methodologies

- Straight through Processing
- Errors, cancellations & trade busts

Authorised traders

- Authorised trader obligations
- Knowledge check

User ID requirements

- MiFID II - mutual recognition - the CFTC & European Commission

CFTC proposes simplified new rules

- What do the new rules cover?

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 25-minute long e-learning course followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.

Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.