MarketAxess Holdings Inc. has launched a client to multi-dealer electronic credit default swap (CDS) index trading system in London and New York.
“Our CDS index trading solution, developed in conjunction with leaders in the industry, is another example of MarketAxess providing superior technology solutions for clients, while at the same time meeting the critical industry need to decrease the number of unconfirmed trades outstanding. From pre-trade to post-trade, our solution is designed to eliminate trade errors and discrepancies through a robust trade verification and auto-matching and confirmation process,” said Richard M. McVey, chairman and chief executive officer of MarketAxess.
“In conjunction with our CDS launch, we are pleased to announce that Andy Brindle, most recently global head of Credit Derivatives at JPMorgan Chase, has joined MarketAxess as a senior advisor for the credit derivatives business. Andy’s extensive global market knowledge and experience with dealers, clients and market participants will be an asset to the Company as we continue to build out our CDS index trading solution and move into single names in 2006,” added McVey.
Thomas Benison, vice president and head of credit product management for North America at JPMorgan, stated, “Working with DTCC and Markit, MarketAxess has demonstrated its commitment to building a high-end electronic CDS solution for clients, dealers and the industry. MarketAxess is well positioned to combine its cash credit trading with a ‘straight through processing’ CDS trading platform, helping to promote efficiency and reduce lags in confirmations. We are very pleased to be participating on the platform.”