
CDS trading remains stubbornly human
Buy-siders sceptical of benefits of algo execution for credit derivatives

The adage ‘build it and they will come’ wouldn’t seem to apply to the credit derivatives market.
Automated trading and execution of credit default swaps, both single-name and more widely traded indexes, is a rarity among buy-side firms. Yet experts point out that the ingredients for greater automation exist: the contracts are standardised, liquid and can be traded on electronic platforms.
It’s a jarring contrast with the corporate bond market, where electronic trading and algorithmic execution
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