Sweeping regulatory changes are taking place in the global over-the-counter markets. MarketAxess has been working closely with the industry and with our clients to help prepare for the new CDS landscape. We hope you will use these resources to help you stay ahead of the CDS e-trading curve.

Latest Regulatory Updates

Thursday April 3, 2014 | CFTC Delays Derivatives Trading Rules

CFTC Delays Derivatives Trading Rules

The Commodity Futures Trading Commission agreed to delay planned overseas derivatives trading restrictions, a move giving European trading platforms more time to comply with new rules that apply to the foreign arms of U.S. financial firms.

The CFTC put off the new restrictions on derivatives trading until May 15. The rules are an attempt to bring domestic and international rules in line with one another.

Since February 26, 2014, the US-based CDS trading community has been executing CDS transaction involving MAT contracts on SEFs or DCMs. MarketAxess has been operating as a SEF since October 2, 2013. MarketAxess SEF offers trading flexibility with a broad range of compliant protocols ranging from our Order Book, Click-to-Trade (CTT), and its patented Request-For-Quote (RFQ).

Read full article on The Wall Street Journal (Subscription required.)

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Reppas FIA

Grigorios Reppas, CDS Product Manager, discusses our SEF.

Public Comments

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MarketAxess as a SEF

MarketAxess provides a comprehensive suite of CDS trading capabilities. We offer institutional market participants a single trading platform with easy access to multi-dealer competitive CDS pricing.

The streamlined request-for-quote (RFQ) trading protocol gives investors live, executable levels in both index and single-name CDS. Our 'streaming markets' protocol allows investors to initiate trades with a single click.

Investors can also trade baskets of CDS single-names using our patented list trading protocol, which is a proven efficiency tool.

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MarketAxess as a MTF

MarketAxess provides a comprehensive suite of CDS trading capabilities. We offer institutional investors a single trading platform with easy access to multi-dealer competitive CDS pricing.

The streamlined request-for-quote (RFQ) trading protocol gives investors live, executable levels in both index and single-name CDS. Our 'click-to-trade' (CTT) protocol allows investors to view streaming market prices and initiate trades with a single click.

Investors can also trade baskets of CDS single-names using our patented list trading protocol, which is a proven efficiency tool.

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Comment Letters

  • Sep132013

    MarketAxess SEF Received Temporary Registration Approval From The CFTC Read MarketAxess Press Release Read CFTC Press Release

  • Jul122013

    MarketAxess filed its application to become a Swap Execution Facility (SEF) under the Commodity Futures Trading Commission’s (CFTC) Dodd-Frank Act. Review MarketAxess SEF application

  • Mar82013

    MarketAxess last week submitted a letter to the CFTC requesting conditional exemption from Swap Execution Facility (SEF) registration. Download the PDF

  • Sep62012

    CFTC Comment Letter on the Clearing Requirement Determination under Section 2(h) of the Commodity Exchange Act, as amended by Dodd-Frank Download the PDF

  • Feb132012

    CFTC Comment Letter on the Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade Download the PDF

  • Jun292011

    CFTC Comment Letter on Effective Date for Swap Regulation Download the PDF

  • Jun32011

    CFTC Comment Letter on Proposed Rules Implementing Core Principles and Other Requirements for Swap Execution Facilities Download the PDF

  • Apr42011

    SEC Comment Letter on the Registration and Regulation of Security-Based Swap Execution Facilities Download the PDF

  • Mar212011

    CFTC Comment Letter on Proposed Rule 75 FR 3690, "Risk Management Requirements for DCOs" Download the PDF

  • Mar82011

    CFTC Comment Letter on Proposed Rule 76 FR 1214, "Core Principles for SEFs" Download the PDF

  • Nov162010

    CFTC Comment Letter on Proposed Rule 75 FR 63732, "Mitigation of Conflicts of Interest" Download the PDF

Additional Resources

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