trueEX Group LLC, known as trueEX, is a
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
based financial technology company established on October 21, 2010, by Founder
Sunil G. Hirani, a Co-Founder of Creditex Group Inc. and his Co-founder, Jim Miller. Its headquarters are in the
Flatiron District
The Flatiron District is a neighborhood in the New York City borough of Manhattan, named after the Flatiron Building at 23rd Street, Broadway and Fifth Avenue. Generally, the Flatiron District is bounded by 14th Street, Union Square and Gree ...
of
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...
.
trueEX is organized as a
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacen ...
limited liability company
A limited liability company (LLC for short) is the United States of America, US-specific form of a private limited company. It is a business structure that can combine the Flow-through entity, pass-through taxation of a partnership or sole p ...
and is a
wholly owned subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a sam ...
of trueEX Group. It is established as an electronic
exchange
Exchange may refer to:
Physics
* Gas exchange is the movement of oxygen and carbon dioxide molecules from a region of higher concentration to a region of lower concentration. Places United States
* Exchange, Indiana, an unincorporated community
* ...
platform for global
interest rate swaps (IRS), a market estimated at over $300 trillion.
On September 28, 2012, trueEX became the first electronic
swaps exchange to receive approval by the
U.S. Commodity Futures Trading Commission (CFTC) as a
Dodd-Frank compliant Designated Contract Market (DCM).
trueEX was created in response to the
Dodd-Frank Wall Street Reform and Consumer Protection Act, which imposed new regulations and standards on the
financial market
A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial mark ...
s following the
2008 financial crisis
8 (eight) is the natural number following 7 and preceding 9.
In mathematics
8 is:
* a composite number, its proper divisors being , , and . It is twice 4 or four times 2.
* a power of two, being 2 (two cubed), and is the first number of t ...
. The company will initially trade
interest rate swaps
In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations with ...
, will add other liquid derivatives to its portfolio and is the first to provide back loading, termination, re-balancing and compaction services for the
interest rate swap
In finance, an interest rate swap (IRS) is an interest rate derivative (IRD). It involves exchange of interest rates between two parties. In particular it is a "linear" IRD and one of the most liquid, benchmark products. It has associations wit ...
s market.
In the first year of operation, trueEX has on boarded 11
clearing houses, 14 dealers, and 63 buy-side firms. trueEX has executed over $2.7 trillion in PTC, RFQ, Compressions, and Post Trade Services for the buy-side and dealer community.
Awards
* 2017 Global Capital Global Derivatives Award: RFQ SEF of the Year
* 2017 Global Capital Americas Derivatives Award: RFQ SEF of the Year
* 2017 FStech Award: Best Trading System
* 2017 Risk Awards: OTC Trading Platform of the Year
* 2016 Global Capital Global Derivatives Award: RFQ SEF of the Year
* 2016 Risk Awards: SEF of the Year
Media Witad Awards 2018 Write-Ups: Exchange Professional of the Year—Karen O’Connor, TrueEX
ondon, March 30, 2018br>Swaps Pioneer's Crypto Venture Takes Two Big Steps Forward
ew York, March 12, 2018br>trueEX Unit to Launch Regulated Marketplace for Digital Assets
ew York, March 12, 2018
References
{{Reflist
Financial services companies based in New York City