ABN Amro, the Dutch banking group, has launched an auto-execution trading platform for the credit default swaps (CDS) market. The system will be available through Bloomberg terminals.Clients of ABN Amro will be able to trade European CDS as well as the European Dow Jones iTraxx indexes. Currently, there are more than 150 CDS names available, but Kai Seeger, global head of CDS trading at ABN Amro, expects this to grow quickly.
“The market is always looking for more transparency, and electronic trading provides this,” he said.
Electronic trading has already become important in the inter-dealer market. However, this will be the first electronic trading service using Bloomberg targeted at the buy-side.
Seeger declined to put a figure on the volume of trading he expects to see going through the system. But he said “onscreen trading cannot replace personal contact between the sales team and the client”.
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