Financial services giant State Street Corporation launched an exchange for trading OTC derivatives on February 15, according to a statement. The swap execution facility, named SwapEx, was released to coincide with the adoption of various global financial regulations.

State Street announced plans in September to establish a swaps clearing platform that would be used to clear certain derivatives, and stated that it planned to apply to the appropriate U.S. authorities to get the SEF approved once further clarification on new regulations was provided, according to The Financial Times.

"The derivatives market is in the midst of significant change as it moves away from a bilateral trading model to a centrally traded and cleared environment that offers greater price transparency, liquidity and enhanced risk management," Clifford Lewis, executive vice president and head of the eExchange business at State Street, said in the statement.

Most OTC derivatives will be relegated to being traded on exchanges once applicable regulation included in reforms such as Markets in Financial Instruments Directive, Dodd-Frank and European Market Infrastructure Regulation is adopted.

State Street plans to file relevant documents with the Commission Futures Trading Commission when the agency begins accepting applications later in 2012.