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.

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SEFs & DCMs

About this Course

Available as 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

Course outline

Welcome

Background on SEFs & DCMs

- 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

Summary

Affirmation

Assessment

FCA Courses Library

Our FCA Course library of over 60 training modules covers everything from high-level and conduct of business standards to thematic topics, including treating customers fairly.

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Course Specifications

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Structure

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

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Audience

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

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Design

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

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Test-Out

Ability to offer optional test-out, whereby users can choose to skip the course content and complete the learning assignment simply bypassing the assessment.

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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.

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Tailoring

Fully customisable on Skillcast Portal CMS.

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Translation

Pre-translated versions not available, but all text content can be exported for translation into all languages.

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Localisation

Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.