Credit Default Swap
(CDS) Trading
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July 25, 2011: Rick McVey, CEO of MarketAxess, on changes in the fixed income market as more players use electronic trading methods and, on the OTC side, get ready for Dodd-Frank.
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 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 RFQ (request-for-quote) and newly added streaming markets trading protocols help to increase competition, reduce errors and increase efficiency compared to traditional methods of phone trading and e-mail communication.
- 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.
- RFQ trading for CDS index and single-name trading in U.S. (CDX), Europe (iTraxx) and Emerging Markets.
- Streaming, executable dealer markets for U.S. high grade and high yield indices (CDX) and European indices (iTraxx).
- 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 assigns/unwinds.
Key CDS highlights include:
Trade CDS Now
MarketAxess is ideally positioned to promote transparency, competition and efficiency for credit default swaps trading as a Swap Execution Facility (SEF) in the U.S., and is regulated as a multilateral trading facility (MTF) in Europe. As the rulemaking process allows, MarketAxess intends to register and operate as a SEF and security-based SEF as regulated by the CFTC and SEC, respectively, and take the necessary regulatory steps in Europe to facilitate electronic CDS trading.
During this period of regulatory change, MarketAxess can help qualified institutional investors and hedge funds to move forward with electronic CDS trading.
- Contact us today.
- Complete User Agreements.
- Identify executing brokers – MarketAxess can provide a list of brokers connected to its platform and ready to trade CDS.
- Identify clearing facility – MarketAxess is clearing house-agnostic and can clear trades through CME, ICE Trust, ICE Clear and any other clearing facility based on client demand.
- Select Futures Commission Merchants (FCMs) – MarketAxess can provide a list of FCMs who support electronic CDS trading.
- Take a ‘Test Drive’ – MarketAxess will facilitate all of your connectivity requirements and help manage the transaction.
Key next steps for CDS trading include:
Speak with a MarketAxess representative to start trading CDS.
CDS is changing. Read more about MarketAxess' role as a Swap Execution Facility and CDS reform.