Sef of the year: MarketAxess

Innovative approach finds best CDS prices often come from the buy side

Grigorios Reppas, MarketAxess

On September 29, a US–based buy–side firm was looking for bids on a $100 million notional index credit default swap (CDS) – series 22 of Markit’s CDX investment–grade index, to be precise. It requested quotes for the trade on a swap execution facility (Sef), and the nine responses were separated by a third of a basis point. The buy–sider selected the best price and executed.

That might sound like an everyday tale from the revamped US swap markets – index CDSs have been required to trade on Sef

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