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Wide-reaching regulations have reshaped the way global market participants execute over-the-counter (OTC) derivative instruments. In the U.S. the majority of rules under the Dodd-Frank Act have been implemented, and in Europe European Market Infrastructure Regulation (EMIR) will be finalized in the coming year.

MarketAxess has developed a flexible credit derivatives platform for our global clients whether they are a U.S. Person who must trade Required Transactions on a Swap Execution Facility (SEF), or a non U.S. Person who chooses to transact voluntarily on the SEF.

CDS Indices SEF Trading Execution

After being granted temporary registration from the CFTC, MarketAxess has been operating as a SEF since October 2, 2013. MarketAxess SEF offers market participants the ability to trade U.S. indices (CDX), European indices (iTraxx), and CDS options leveraging our unique range of compliant protocols:

  • Anonymous or Disclosed ‘Request-for-Quote’ (RFQ) – an anonymous inquiry to all participants, or a disclosed participant-to-multi participant inquiry; and ‘Request-for-Market’ (RFM) – request a two sided market
  • SEF Central Limit Order Book (CLOB) - anonymous all-to-all trading
  • Click-to-Trade (CTT) - a client-to-multi-dealer inquiry

Market participants are able to execute block trades easily and efficiently. While exempt from the minimum execution requirements, block trades in MAT swaps must be executed pursuant to the SEF rules of a SEF or DCM.

Reporting & Connectivity

MarketAxess has direct connectivity to Derivatives Clearing Organizations (DCOs), ICE Clear Credit and CME, to clear eligible clearable and made available to trade (MAT) swaps.

MarketAxess provides post-trade efficiency through Straight-Through-Processing (STP) connectivity to view trade blotter and complete electronic audit trails.

Reporting and live intra-day data for CDS indices can be accessed through MarketAxess BondTicker™.

MarketAxess SEF was named 'SEF of the Year' at the 2015 Risk Awards.

Click here to download SEF rules and filings.

For more information, please contact a MarketAxess representative today!