Brokers lose index CDS volumes to new Tradeweb platform

Over $600 billion in index CDS volume switches to new venue where dealers guarantee liquidity to each other


As much as 80% of the interdealer volume in index credit default swaps (CDSs) has abandoned the broker market in favour of a new electronic platform run by Tradeweb, according to credit traders. The company launched dealer-to-dealer trading for the CDX high-yield and investment-grade indexes in October 2012 and added the iTraxx Europe, senior financials and crossover indexes to its Dealerweb platform on February 7.

Since those launches, the platform has seen $292 billion and €303 billion

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