MarketAxess and RBS Launch Streaming Executable Markets for CDS

The Royal Bank of Scotalnd (RBS) has become the first dealer to provide streaming, executable markets to MarketAxess for credit default swaps (CDS) indices. RBS is providing markets for US high grade and high yield indices (CDX), as well as European indices (iTraxx). Using the MarketAxess ‘streaming markets’ protocol, investors are able to initiate trades with a single click.

MarketAxess will provide a broad suite of straight-through-processing (STP) functionality for CDS trades taking place on the platform, including connectivity to the available central clearing counterparties for CDS.

Kelley Millet, president of MarketAxess, said: “We are working with our dealer and investor clients to support their electronic CDS trading requirements on a global basis. As the first firm to provide streaming, executable quotes on the MarketAxess platform RBS is helping to promote the implementation of electronic CDS trading today, and we expect to add further dealers to the streaming markets platform for CDS indices in the near future. MarketAxess expects to qualify as a swap execution facility and, as such, we are offering a full suite of trading protocols and post-trade connectivity to support and accelerate electronic trading in the CDS market.”

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