Tradition widens Credit Access with Moneyline

Swiss inter-dealer broker Tradition is responding to user demand for data on the fast-growing credit derivatives market by distributing its credit derivatives prices over Moneyline Telerate, according to RiskNews ' sister publication Inside Market Data . The companies announced a three-year agreement last week.

The service, which makes Tradition data available to Moneyline users at no extra cost, went live last week over all of Moneyline’s services on Moneyline page 9600. It includes credit default swaps for individual sovereign, bank and corporate debt instruments covering the European, Asian, US and Latin American markets.

The data is presented in two types of pages: composite market summary pages and sector- or geographically-arranged pages that allow users to search for more specific detail. The prices are generated directly from Tradition’s broker desks in Asia, London and New York, rather than from pricing tools or analytics.

"Typically, end-of-day prices are used for mark-to-market evaluation," says Dominique Velter, marketing manager in charge of data services at the broker.

Tradition’s brokers input the prices into an electronic tool at the broking desk, which forwards them to a central distribution point within Tradition. From there, prices are disseminated across the organisation as well as to Moneyline and to Tradition’s client portal. Tradition already delivers some credit derivatives data to clients via the three-year-old internet portal. Tradition’s clients have to pay for this, but in addition to prices they get access to Tradition’s historical database of credit derivatives data.

Tradition will also co-operate with Moneyline to enhance the service as the market matures and new instruments, such as options, are traded, because the company tends to be broking new instruments early, Velter said.