trueEX

About trueEX

trueEX, also known as trueSEF, was a financial technology company that operated as an electronic, CFTC-regulated exchange for interest rate swaps. The company was founded in 2010 by Sunil Hirani and Jim Miller.

Hirani and Miller, both former executives at Creditex, an electronic trading platform for credit default swaps, aimed to bring innovation and transparency to the interest rate swaps market. Their experience in electronic trading and derivatives markets was instrumental in the development of trueEX.

The company provided a platform for the trading of interest rate derivatives, catering to financial institutions and other participants in the swaps market. Its business model was based on providing a more efficient and transparent alternative to the traditional, over-the-counter (OTC) method of trading swaps. trueEX also launched a service called trueFix, which was designed to improve the price discovery process for swaps.

Despite its efforts to disrupt the market, trueEX faced significant challenges. The company alleged that it was the target of a boycott by some of the world's largest banks, which limited its ability to gain traction. As a result of these pressures, trueEX announced that it would cease its trading operations in July 2019.