Electronic bond trading platform company MarketAxess has teamed up with the Depository Trust & Clearing Corporation's (DTCC) and 11 global dealers to create an electronic client-to-dealer trading platform for credit default swap (CDS) indexes. The CDS index trading system is scheduled for launch in the second half of this year.The development comes after the UK's Financial Services Authority warned banks this year about the level of unsigned confirmations in the credit derivatives market.
MarketAxess is working closely with DTCC subsidiary Deriv/SERV, a full-service provider of automated trade processing solutions. The company is planning to integrate its front-end trading system with Deriv/SERV to offer an end-to-end electronic trading solution to eliminate trade discrepancies and expedite the confirmation process.
The 11 global dealers involved in this initiative are: ABN Amro, Banc of America Securities, Bear Stearns, BNP Paribas, Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Royal Bank of Scotland and UBS.
More on Technology
Numerix stays ahead of the pack; run close by Bloomberg and Thomson Reuters
Julia Philipp recommends targeted defences, data sharing and response planning
CenturyLink will ultimately make analytics tools available as managed service in its cloud infrastructure
Competition intensifies in battle for Asia structured products market
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.