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

Wednesday April 16, 2014 | MiFID has now been voted through in plenary

More transparent and safer financial markets: European Commission welcomes European Parliament vote on updated rules for Markets in Financial Instruments (MiFID II)

The European Parliament yesterday adopted in plenary session updated rules for markets in financial instruments (MiFID II).

Key elements of the new legislation are:

  • The introduction of a market structure framework which closes loopholes and ensures that trading, wherever appropriate, takes place on regulated platforms.
  • Increased equity market transparency and for the first time established a principle of transparency for non-equity instruments such as bonds and derivatives
  • Strengthened supervisory powers and a harmonized position-limits regime for commodity derivatives to improve transparency, support orderly pricing and prevent market abuse.
  • Improved conditions for competition in the trading and clearing of financial instruments
  • Trading controls for algorithmic trading activities which have dramatically increased the speed of trading and can cause systemic risks.
  • Stronger investor protection by introducing better organizational requirements, such as client asset protection or product governance, which also strengthen the role of management bodies.
  • Effective and harmonised administrative sanctions
  • Harmonised regime for granting access to EU markets for firms from third countries is based on an equivalence assessment of third-country jurisdictions by the Commission.

For more information, please read our CDS Trading under MiFID II FAQ or contact marketing@marketAxess.com.

Read the full press release on the European Union website.
Read the press release on the European Parliament News website.
Read the final text of the regulation here.

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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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