Credit Default Swap
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.
MarkeAxess CDS Resources
Trading CDS on MarketAxess
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 September 13, 2013 MarketAxess received temporary approval from the Commodity Futures Trading Commission (CFTC) to operate as a Swap Execution Facility (SEF). Please visit our SEF webpage for more information about SEF trading on MarketAxess.
MarketAxess is also 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)
Swaps Clearing Mandate under Dodd-Frank
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., the final phase of the OTC clearing mandate required under the Dodd-Frank legislation came into effect on Monday September 9, 2013. Firms defined as part of Category I (Swap dealers, major swap participants, and active funds swaps), Category II (Commodity pools, private funds, and non third-party sub account), and Category III (Accounts managed by third-party investment managers, ERISA pension plans, and entities that were not subject to the Commission’s first two implementation deadlines) are now required to clear eligible CDS products that fall under the jurisdiction of the CFTC.
- 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
MarketAxess facilitates all of your connectivity requirements and helps manage transactions.
Speak with a MarketAxess representative to start trading CDS!