Most active CDS users get biggest savings – research

CFTC economists see benefits to having many counterparties since move to Sef trading

Swaps users saving-money

The most active clients in the credit-index swap markets have a palpable edge over smaller players, getting prices as much as 5.33 basis points lower on average than the rest of the market in CDX high-yield (HY) swaps.

Two researchers at the US Commodity Futures Trading Commission – Richard Haynes, a supervisory research analyst, and Lihong McPhail, a research economist – used data from the Bloomberg swap execution facility (Sef) on trades in three indexes: for US credit, the CDX investment

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