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ICAP Seeks CFTC Oversight of London Swap Trading

Bucking industry objections to U.S. regulatory oversight of cross-border swaps, London-based ICAP asks to register a SEF.

By Silla Brush, Bloomberg | Updated on January 31, 2014

ICAP Plc is seeking U.S. oversight of an overseas swap-trading platform a month after Wall Street lobbying groups sued the Commodity Futures Trading Commission (CFTC) trying to curb the agency’s international reach.

ICAP, the world’s largest broker of transactions between banks, wants to register a London-based platform with the CFTC to follow Dodd-Frank Act rules for swap-execution facilities (SEFs) and provide access to U.S. traders, according to an application submitted this month. The brokerage is the first large SEF platform to seek U.S. approval for an overseas-based entity.

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