US market operator Thomson TradeWeb has opened its TradeWeb CDS online credit default swap market-place for business, with eight dealers already members.TradeWeb uses the TradeXpress straight-through processing network, and is the first electronic trading platform to conform to the International Swaps and Derivatives Association's novation protocol, Thomson says.
Users of the platform will be linked to the DTCC Deriv/SERV confirmation service, and will be able to confirm trades in real time without exchanging paperwork – the backlog of unconfirmed CDS trades has been repeatedly named as a significant problem in the derivatives market as a whole.
Since the market-place was originally set up, five more dealers have joined. ABN Amro, Barclays Capital, Dresdner Kleinwort Wasserstein, Merrill Lynch and UBS are now directly linked to the Deriv/SERV service through TradeWeb CDS, as well as the three founder members – Goldman Sachs, JP Morgan and Morgan Stanley.
More on Infrastructure
US regulatory concerns about liquidity of government securities collateral could be resolved by access to the Fed’s discount window, CCP officials say
High-frequency traders have been viewed with suspicion for some time. Now critics claim exchanges are conspiring with the traders to develop tools that benefit them and disadvantage ordinary investo...
The benefits of local trade repositories outweigh the possible disadvantages of multiple reporting requirements, says executive director of HKMA’s financial infrastructure unit
Sign up for Risk.net email alerts
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
Nominated for two technology awards
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.