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.
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