Market Axess and DTCC team up to offer CDS index trading system

The development comes after the UK's Financial Services Authority warned banks this year about the level of unsigned confirmations in the credit derivatives market.

MarketAxess is working closely with DTCC subsidiary Deriv/SERV, a full-service provider of automated trade processing solutions. The company is planning to integrate its front-end trading system with Deriv/SERV to offer an end-to-end electronic trading solution to eliminate trade discrepancies and expedite the confirmation process.

The 11 global dealers involved in this initiative are: ABN Amro, Banc of America Securities, Bear Stearns, BNP Paribas, Credit Suisse First Boston, Dresdner Kleinwort Wasserstein, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Royal Bank of Scotland and UBS.

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