New DelphX ATS Data to Boost CDS Liquidity

DelphX says its planned ATS for Default Swap Receipts will increase the quality of pricing and liquidity in CDS markets.

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The ATS will provide real-time primary and secondary market price data for DSRs covering global corporate, municipal and sovereign debt issuers. The primary data will include continuously updated bids, offers and trades from the ATS, while the secondary data  includes independent benchmark pricing of all issues using DelphX’s proprietary Mav=n (Market-Adjusted Value per congruent Nexus) pricing service.

“Traditionally, the terms of CDSs are negotiated in a bespoke, case-by-case manner, which

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