ScreenWars The broker battle for dominance of CDS e-trading
The credit default swap market has shown itself ready to migrate to online trading, and the brokerage that can gain control of the e-trading market will take the spoils. Simon Boughey looks at the strengths and weaknesses of the current players and platforms
Every morning, it seems someone else launches an electronic credit derivative trading platform; it’s difficult to keep up with it all. At the beginning of the year, traditional voice trading was the dominant form, yet it now seems to be disappearing faster than London black cabs after 9pm. An enormous sea change in market practice is under way.
Distinctions have to be made between the various online credit derivative trading systems in the market. Some function only on a dealer-to-client basis
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