The SEF, registered as tpSEF Inc. and headquartered in New Jersey, is a wholly owned subsidiary of Tullett Prebon. It has been established to ensure the Company's compliance with Dodd-Frank legislation, enacted on July 21, 2010.

Shawn Bernardo, Tullett Prebon's Senior Managing Director of e-broking and member of Tullett Prebon's North American Executive Committee and Chairman of the Wholesale Markets Brokers' Association (WMBA), is named Chief Executive Officer of the SEF.

The SEF Board also consists of Public Directors, David Clark, John Spencer, and James Quaille, and Directors, John Abularrage and Christian Pezeu.

John Abularrage, Chief Executive Officer and President the Americas at Tullett Prebon, said:

"Tullett Prebon's SEF forms an important part of the development of our existing businesses as we continue to grow our global market leading offering in those areas regulated by the CFTC and SEC. Tullett Prebon will provide SEF compliant platforms for our customers to access liquidity and meet the demands of the new legislation."

Shawn Bernardo, Chief Executive Officer of Tullett Prebon's SEF, said:

"Over the past three years we have provided regulators with industry insight into the interdealer broker marketplace and have testified before Congress as the new regulations were being considered. Tullett Prebon looks forward to working with the CFTC to ensure that the Company is able to continue offering its customers swap execution services in accordance with the new regulations."