MarketAxess Ramps Up CDS Support

Rick McVey, MarketAxess

Global electronic credit trading venue MarketAxess has launched an enhanced institutional credit trading system, which includes significant added functionality for credit-default swap (CDS) trading, say MarketAxess officials.

The new platform provides live, streaming prices from multiple dealers for active contracts as well as requests for quotes (RFQs) for index and single names; increased pre-trade price transparency, and ability to designate clearinghouses and clearing members; as well as additional trading functionality to accommodate CDS single-name and index switches and rolls.

With this release, MarketAxess now has much of the core technology needed to meet the anticipated regulatory requirements for registration as a swap execution facility (SEF) and security-based swap execution facility (SB SEF) under the Dodd–Frank Act in the US.

According Rick McVey, chairman and CEO of MarketAxess, the firm has actively participated in the regulatory process and worked closely with its dealer and institutional investor clients to develop trading technology that complies with the proposed rules and allows clients maximum flexibility in how they wish to trade CDS, both indexes and single-names.

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