MarketAxess Files Swap Execution Facility Application with CFTC
NEW YORK -- July 15, 2013
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic
trading platform for U.S. and European high-grade corporate bonds, emerging
markets bonds and other types of fixed-income securities, filed its
application on Friday July 12, 2013 to become a swap execution facility (SEF)
under the Commodity Futures Trading Commission’s (CFTC) Dodd-Frank Act.
MarketAxess specializes in electronic trading of credit instruments and was
the first platform to offer electronic trading of credit default swaps (CDS)
in 2005. Over the past three years, since passage of the Dodd-Frank Act,
MarketAxess has expanded its functionality to offer a comprehensive range of
trading protocols including request for quote/market (RFQ/RFM), click-to-trade
(CTT) and a central limit order book for CDS trading. The platform currently
offers electronic trading solutions in CDS Indices, CDS Index Options and CDS
Single Names alongside its market leading capabilities in electronic trading
for corporate bonds and other credit instruments.
In order to more effectively help its clients comply with the clearing mandate
under Dodd-Frank, MarketAxess will support multiple pre-trade credit checking
methodologies that will ensure certainty of clearing for clearable swaps
traded over the platform. With extensive functionality and seamless
connectivity to Derivatives Clearing Organizations (DCOs), Futures Commission
Merchants (FCMs) and Swap Data Repositories (SDRs) MarketAxess facilitates
workflows and offers significant operational efficiencies to CDS market
participants, providing the institutional credit community with more effective
ways to execute and clear CDS products.
“We are pleased that the CFTC has finalized SEF rules and we welcome their
oversight of our rapidly growing CDS electronic trading platform” said Rick
McVey, CEO of MarketAxess. “As an independent electronic trading network with
a broad institutional client network and a wide range of trading protocols, we
believe that MarketAxess is ideally positioned to facilitate regulatory
objectives to create a more transparent and competitive OTC swaps market.”
MarketAxess operates a leading electronic trading platform that enables
fixed-income market participants to efficiently trade corporate bonds and
other types of fixed-income instruments using MarketAxess’ patented trading
technology. Over 1,000 investor and broker-dealer firms are active users of
the MarketAxess trading platform, accessing global liquidity in U.S.
high-grade corporate bonds, European bonds, high-yield and emerging markets
bonds, agency bonds, asset-backed and preferred securities and credit default
swaps. MarketAxess also offers a number of trading-related products and
services, including: market data to assist clients with trading decisions;
connectivity solutions that facilitate straight-through processing; technology
services to optimize trading environments; and execution services for
exchange-traded fund managers and other clients. Through its Xtrakter
subsidiary, MarketAxess also offers a range of pre- and post-trade services,
including trade matching, regulatory transaction reporting, and market and
reference data across a range of fixed-income products.
MarketAxess maintains its headquarters in New York and has offices in London,
Chicago, Salt Lake City, Hong Kong, Singapore and São Paulo. For more
information, please visitwww.marketaxess.com.
MarketAxess Holdings Inc.
Diana Bhaktul, 212-813-6354
William McBride & Associates
Judi Flynn, 917-902-9726
Europe and Asia:
MarketAxess Holdings Inc.
Kyle White, +44 (0) 20 7709 3219
Press spacebar to pause and continue. Press esc to stop.