Perkins Coie partners Todd Zerega and Andrew Cross have posted an article of interest on the Derivatives & Repo Report regarding TeraExchange, LLC (TeraExchange), a swap execution facility (“SEF”) registered with the Commodity Futures Trading Commission (“CFTC”), announcing that it will begin trading a non-deliverable forward based upon the U.S. Dollar price of bitcoin (“Bitcoin Swap”).

TeraExchange filed a self-certification application for the Bitcoin Swap with the CFTC on September 11, 2014 and issued a press release on September 12, 2014 announcing the launch of the Bitcoin Swap. The press release noted that TeraExchange had been working with the CFTC staff “for over six months” to ensure the Bitcoin Swap meets all of the CFTC’s regulatory requirements. Read the full post here.