TeraExchange announced Friday that it is preparing to launch one of the world's first central limit order books for OTC cleared derivatives in the fourth quarter of 2011.
TeraExchange, a new OTC derivatives trading venture, said that the initiative positions the company to seize "first mover" advantage as sweeping regulatory reform reshapes the world of trading and clearing OTC derivatives.
"Legacy platforms won't work in this transforming market landscape and new world being created", said Christian Martin, CEO of TeraExchange. "Our agile, transparent multi-asset trading solution can be shaped to accommodate a near limitless number of objectives and strategies."
He added, "Market participants will benefit from our fluid pricing analytics tools, highest-quality execution and unmatched reaction to evolving market dynamics for a truly differentiating competitive advantage."
TeraExchange said its core technology and platform features integrated cross-asset trading, analytics and voice broker assistance services and will provide market participants with unrivaled transparency, standardization, connectivity and liquidity.
Strong risk controls combined with centralized clearing further align with the objectives of the Dodd-Frank financial reform law to boost transparency and reduce systemic risk, the company added.
TeraExchange, which is registered as an Exempt Board of Trade (EBOT) for swaps and other OTC cleared derivatives, said it intends to apply to become a Swaps Execution Facility (SEF) once SEC and CFTC rules are finalized in early 2012.
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