Credit Default Swap
(CDS) Trading
Learn more about MarketAxess on CDS Reform.
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View the evolution of CDS trading on MarketAxess
MarketAxess brings a broad and established network of institutional credit investors and global dealers, deep expertise in the credit markets, and fully-electronic trading protocols for CDS.
MarketAxess is the complete solution for the trading of clearable and non-clearable CDS instruments; all aggregated on the MarketAxess CDS Actives® page.
The platform offers streaming, executable markets using the MarketAxess Click-to-Trade (CTT) protocol in addition to the Request-for-Quote (RFQ) and Request for Market (RFM) protocols for U.S. high grade, high yield and emerging market indices (CDX), CDS single-names, and European indices (iTraxx). MarketAxess also offers the first independent client-to-dealer central limit order book (CLOB) for CDS single names.
On May 16, 2013 the U.S. CFTC finalized its rules requiring the trading of swaps on Swap Execution Facilities (SEFs). MarketAxess has made significant investments in CDS trading in anticipation of these rules and intends to register and operate as a SEF and security-based SEF as regulated by the CFTC and SEC, respectively. MarketAxess is regulated as a multilateral trading facility (MTF) in Europe.
Benefits of Trading CDS on MarketAxess include:
- Leadership: MarketAxess has over 12 years of experience and an extensive investor and dealer network as a market leader in credit e-trading
- Network: MarketAxess provides access to an extensive network of over 1,000 global credit investors and broker-dealers
- Multi-Asset: Trade all available CDS indices and CDS single-names on the MarketAxess platform
- Multiple Trading Protocols: MarketAxess offers Click-to-Trade, Request-for-Quote, Request-for-Market, Central Limit Order Book and roll trading
- Trusted, market-neutral platform: independently governed and publicly traded (NASDAQ: MKTX)
Prepare for the Clearing Mandate Under Dodd-Frank in the U.S.
MarketAxess offers connectivity solutions to help institutional investors and hedge funds facilitate links to available clearing houses in support of mandatory clearing of swaps in the U.S. and Europe.
In the U.S. Dodd-Frank reforms mandate clearing compliance in three phases over the course of the year. The deadline for the first phase was March 11, 2013, with the second and third phases of implementation beginning on June 10 and September 9, 2013, respectively. MarketAxess can help establish clearing and reporting connectivity to help stay ahead of the game.
- Clearing Connectivity: Connectivity to both ICE and CME for seamless communication during and after the trade
- Custom Workflow: MarketAxess can send and receive derivative trade messages to and from your order management system
- Custom Development: : Leverage MarketAxess' experienced business analysts and integration teams to establish and maintain clearing workflow and connectivity
- Electronic Audit Trail: Trade details are electronically captured and recorded for compliance and risk management purposes
- Affirmation Platform Connectivity: Connectivity to the industry's major affirmation hubs
- Swap Data Repository (SDR) Connectivity: MarketAxess offers connectivity to industry SDRs
Key next steps for CDS trading:
- Speak with a MarketAxess representative to start trading CDS
- Take a 'Test Drive' – Trade and clear with MarketAxess. MarketAxess will facilitate all of your connectivity requirements and help manage the transaction