MarketAxess has launched an enhanced institutional credit trading system that includes significant additional functionality for credit default swap (CDS) trading. With this release, MarketAxess now has much of the core technology needed to meet the anticipated regulatory requirements for registration as a swap execution facility (SEF) and security-based swap execution facility (SB SEF) under the Dodd-Frank Act in the US.
Rick McVey, chairman and chief executive officer (CEO) of MarketAxess, said: “We are confident that these changes to our platform, in addition to our independent governance structure and our extensive efforts to ensure that we comply with the regulators’ other core principles for SEFs and SB SEFs, place us in a leading position in terms of readiness to operate as a SEF and SB SEF.”
The trading system enables:
- Live, streaming prices from multiple dealers for active contracts as well as request for quote (RFQ) for index and single names.
- Increased pre-trade price transparency, and ability to designate clearing house and clearing member.
- Enhanced post-trade functionality for trade affirmation and connectivity to clearing houses.
- Additional trading functionality to accommodate CDS single-name and index switches and rolls.
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