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MarketAxess Files With CFTC to Become Swap-Execution Facility

MarketAxess Holdings Inc. filed with the Commodity Futures Trading Commission to become a swap-execution facility.

“We are pleased that the CFTC has finalized SEF rules and we welcome their oversight of our rapidly growing CDS electronic trading platform,” Rick McVey, CEO of MarketAxess, said in an e-mailed statement today.

The news release from the New York-based company didn’t specify which types of swaps will be offered on the trading system, which was created under the 2010 Dodd-Frank Act. The firm has specialized in electronic trading of credit-default swap indexes and single-name contracts. As of 3 p.m. in New York, no documents related to the firm’s applications were available on the CFTC website.

Congress included rules about how swaps should trade in Dodd-Frank after the largely unregulated contracts helped fuel the 2008 credit crisis that led to the collapse of Lehman Brothers Holdings Inc. and a U.S. rescue of New York-based American International Group Inc. The CFTC finalized the SEF trading rules in May.

Bloomberg LP, the parent company of Bloomberg News, and Tradeweb LLC have applied with the CFTC to become SEFs, according to the CFTC website.

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