TeraExchange offers market participants an anonymous central limit order book (CLOB) for execution of a wide range of clearable swaps, as well as request-for-quote (RFQ), request-for-market (RFM) and indications of interest (IOI). Clearable swaps that can be traded on TeraExchange include interest rate swaps, FX cash-settled and non-deliverable forwards.
The company plays an important role by increasing the certainty of clearing, helping participants meet the regulatory goals of increasing transparency, accountability and oversight in the derivatives markets.
TeraExchange has an extensive range of approved derivative instruments for clearing by connected clearing houses, including CME and LCH.Clearnet.
In addition, TeraExchange offers two complementary trading tools for market participants. TeraDirect is a sophisticated front-end execution management system that displays all information and functionality needed to trade on TeraExchange. TeraCheck is a proprietary pre-trade credit risk management engine that allows market participants and their clearing members to enter and maintain appropriate risk controls and promotes the firmness of orders and finality of trade execution. TeraCheck integrates seamlessly with all in-house and external credit hub systems.
Participants wishing to design their own execution solutions to trade on TeraExchange may connect via FIX.
TeraExchange is open for trading from 7:30am to 5:00pm ET Monday through Friday. Our customer service team is available during all regular trading hours.
The exchange is closed on the following U.S. holidays in 2021 (unless otherwise noted).
|New Year's Day||January 1||Closed|
|Martin Luther King Jr. Day||January 18||Closed|
|President's Day||February 15||Closed|
|Memorial Day||May 31||Closed|
|Independence Day||July 5 (Monday)||Closed|
|Labor Day||September 6||Closed|
|Thanksgiving Day||November 25||Closed|
|Thanksgiving Friday||November 26||Early Close|
|Christmas Eve||December 24||Early Close|
|Christmas Day||December 25||(Saturday)|
|New Year's Eve||December 31||Early Close|
*Subject to change.