One single platform to trade corporate bonds alongside CDS indices, CDS single-names, and index options.

CDS Trading

The implementation of OTC derivatives market reforms such as the Dodd-Frank Act and the European Markets Infrastructure Regulation (EMIR) has changed the way credit default swaps are traded.

MarketAxess has developed innovative trading functionality and operational efficiencies to adapt to this evolving market landscape and continue enhancing the credit trading experience.

CDS Trading Execution

Our award winning credit derivatives solution provides a wide choice of protocols such as our anonymous all-to-all protocols - our Central Limit Order Book (CLOB) for CDS SEF Indices and CDS Single-Names - seamlessly integrated into our Anonymous or Disclosed Request-for-Quote (RFQ), Click-to-Trade (CTT), and Request-for-Market (RFM).

CDS Indices SEF Platform

  • CLOB
  • Anonymous/Disclosed RFQ
  • CTT and RFM
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CDS Index Options

  • Disclosed RFQ with delta
  • Disclosed RFQ without delta

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CDS Single-Names

  • Disclosed RFQ and CTT
  • Anonymous CLOB

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"What MarketAxess is trying to do is introduce the level of transparency […]:all on screen, clean, electronic and transparent", says a New York - based hedge fund manager."

- Risk Awards 2015, 'SEF of the Year' article, January 2015

CDS Insights and Reporting

MarketAxess BondTicker™, is the industry's leading bond price information tool that institutional investors and dealers access for comprehensive pre-and post-trade analysis, and real-time fixed income market data. BondTicker contains FINRA TRACE data, non TRACE-disseminated data, DTCC Swap Data Repository (SDR), and European fixed income data from Trax®. Market participants can quickly search for CDS SDR data, alongside corporate bond market data.

  • Live intra-day data for CDS indices and CDS index options
  • Summary of CDS SDR reporting’s intraday market volumes by gross notional and trade count

CDS Price Data

Friday, August 17, 2018

IndexEnd-of-DayDay Change
Markit CDX.NA.IG.3060.97bps-0.62
Markit CDX.NA.HY.30106.75 +0.01
Markit CDX.EM.*-- --
Markit iTraxx Europe.2971.05bps+0.85
Markit iTraxx Europe Crossover.29306.15bps+2.12

This table displays, for the day specified above, the end-of-day spread (or price, where applicable) for the respective 5-year tenor based on the composite of market makers-contributed levels provided on the MarketAxess trading system. Learn more about CDS trading on MarketAxess.

Key Benefits

  • One single credit e-trading platform to execute cash and derivatives
  • Competitive pricing through broad trading execution choices
  • Patented RFQ technology deployed across all our products, cash and derivatives

In 2005, MarketAxess was the first platform to offer electronic trading of CDS indices. Today, MarketAxess continues innovating with efficient trading execution and unique functionality improving our clients' trading experience.

"There are multiple Sefs out there, but while we have used others we really like MarketAxess," says one Connecticut-based asset manager. [...]They are also the only Sef with an anonymous RFQ function.[...] That is something we are certainly taking advantage of.”

- Risk Awards 2015, 'SEF of the Year' article, January 2015