MarketAxess CDS Q&A To find out more information, download the MarketAxess CDS Q&A document.

Contact a Representative Would you like to speak to a salesperson or dealer relationship manager for more information? Click here to contact. Credit Awards Winner The annual Credit Awards survey is a benchmark for performance in the global credit industry. Independently surveying the largest institutional credit investors in the U.S. and Europe, Credit Magazine awarded MarketAxess best multi-dealer CDS trading platform in both regions.

In 2005, MarketAxess was first to launch a client-to-multi-dealer electronic trading platform for credit default swaps (CDS). With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, MarketAxess is ideally positioned to promote transparency, competition and efficiency for CDS trading.

Among the most significant provisions of the derivatives section of the Act are (1) mandatory clearing, through regulated central clearing organizations, of all swaps that the CFTC or the SEC has determined should be cleared (“clearable swaps”) and (2) mandatory trading of clearable swaps on a board of trade designated as a contract market or a securities exchange or through a “swap execution facility,” or SEF (in each case, subject to certain key exceptions).

MarketAxess brings a broad and established network of institutional credit investors and global dealers, deep expertise in the credit markets, and patented, fully-electronic trading protocols for CDS.

MarketAxess currently offers institutional market participants a full suite of CDS electronic trading capabilities including CDS index trading, single name trading, and bid/offer list trading.  The fully-electronic process helps to increase competition, reduce errors and increase efficiency compared to traditional methods of phone trading and e-mail communication.  Key highlights include:

• Seamless integration with market-leading corporate bond trading capabilities
• Access to a broad network of market leading global dealers and institutional investors
• Compliant with "Big Bang" and "Small Bang" protocols
• CDS index and single-name trading in U.S. (CDX), Europe (iTraxx) and Emerging Markets
• CDS single-name list trading built on MarketAxess' patented and proven list trading protocol
• Post-trade message capabilities in multiple industry-standard delivery formats
• Support for new trades and index assign/unwinds

The new regulations are expected to create a stronger and sounder OTC derivatives market, which is likely to result in a larger OTC swap market with a broader set of industry participants. As the rulemaking process allows, MarketAxess intends to register and operate a SEF, regulated by the SEC and CFTC.

Our proven credit trading technology and large institutional credit trading network are valuable assets for our clients as they seek to manage their new regulatory responsibilities in the CDS space. For more information, see the MarketAxess CDS Q&A.