A participant is an entity which has been granted trading privileges by TraditionSEF to engage in SEF activity for its own account. Participants have the ability to directly or indirectly transmit orders to TraditionSEF for the purpose of execution. Trading activity can be conducted through multiple modes of access and execution models, ranging from:
- direct API connectivity to any of the TraditionSEF electronic platforms for the purpose of pure electronic trading,
- via TraditionSEF’s proprietary user interfaces (GUI) for electronic/hybrid trading,
- indirectly through an authorized ISV,
- through an authorized broker firm participant, or
- via a TraditionSEF voice broker.
For cleared products, a participant is required to be a self-clearer or have a clearing firm relationship in place to facilitate the clearing of trades at the clearing couse(s) where trades are intended to be cleared.