Regulatory · CFTC · SEF & DCM
Exchange-grade execution for cleared orbital derivatives.
SEF and DCM registrations add a disclosed pre-trade execution layer on top of the DCO clearing leg. SEF status covers swaps — ISAM forwards, ISL-capacity swaps, propellant forwards — with request-for-quote and order-book protocols. DCM status covers standardised futures on downlink minutes and spectrum-hour tenors. Both registrations graduate from the earlier ATS and DCO programmes.
- Filing
- Form SEF · Form DCM
- Status
- Concept filings
- Next deadline
- Pre-filing · Mo. 30
- Public docket
- cftc.gov / SEF · DCM
What these authorise
Disclosed execution protocols, exchange-grade surveillance.
SEF and DCM registrations turn Wavestar from a clearing venue into a full execution-and-clearing venue under a single corporate umbrella, with the self-regulatory and market-surveillance obligations that implies.
- 01
Swap Execution Facility (SEF)
Required execution venue for swaps made subject to the CFTC's trade-execution mandate. Order-book and request-for-quote protocols with prescribed minimum RFQ counterparty counts for package trades. - 02
Designated Contract Market (DCM)
Full exchange status for standardised futures on downlink minutes and spectrum-hour contracts. Permits access by retail-facing futures commission merchants as well as institutional participants. - 03
Self-regulatory obligations
SEFs and DCMs are self-regulatory organisations with rule-enforcement, disciplinary, and market-surveillance duties. We maintain an independent Rules Enforcement Committee and dedicated surveillance staff. - 04
Pre-trade transparency
Displayed quotes, RFQ response archives, and trade-by-trade public reporting within the timeframes required under Part 43 of the CFTC regulations. - 05
Large-trader and position-limit regime
Application of CFTC position-limit rules for physical-delivery futures on downlink and spectrum instruments, with bona-fide hedging exemptions for ITU/FCC-licensed operators. - 06
Cross-border harmonisation
Substituted compliance and exemptive relief pathways for non-US member firms, subject to IOSCO-recognised home-jurisdiction oversight and information-sharing MOUs.
Filing timeline
Month 36 onwards — after DCO clearing is stable.
We intentionally sequence SEF/DCM after stable DCO operation. Execution-venue filings layer on top of the cleared-product base, not alongside it.
- Month 30Planned
Pre-filing engagement
CFTC Division of Market Oversight pre-filing meetings. SEF protocol design walk-through; DCM product-list and contract-specification review. - Month 36Planned
SEF Form SEF filed
Initial SEF registration filed under Part 37 of the CFTC regulations. Operational readiness attestation, surveillance programme, and rulebook published for public comment. - Month 40Planned
SEF temporary registration granted
Operations commence under temporary registration pending full registration order. - Month 44Planned
DCM Form DCM filed
Initial DCM registration filed under Part 38. Contract-specification and product-listing documentation published alongside. - Month 50Planned
SEF full registration order
CFTC order granting full SEF registration. Temporary-registration conditions retired; full SRO status attaches. - Month 54Planned
DCM designation order
CFTC issues order designating Wavestar as a DCM. First DCM-traded futures contracts listed.
Ongoing obligations
SRO status is continuous.
Public documents
Form SEF and Form DCM, with rulebook and product list.
SEF / DCM filings register
- Form SEF — Initial
Target filing: month 36.
- Form DCM — Initial
Target filing: month 44.
- SEF Rulebook
Shared with DCO where provisions cross-reference.
- Product listings (Part 40)
One certification per contract, with specifications attached.
- Swap data reporting policy
Real-time public reporting with block-trade dissemination delays.
Back to the spine
Regulatory coverage is one pillar. Rulebook is the second.
Read the rulebook governing clearing-member participation, or explore how the recovery-and-resolution framework wraps around both DCO clearing and SEF/DCM execution.