This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

MarketAxess SEF And Traiana Complete First Live Trade With Pre-Trade Credit Checks

Stocks in this article: MKTX

NEW YORK, Sept. 26, 2013 (GLOBE NEWSWIRE) -- Traiana and MarketAxess SEF Corporation today announce the completion of the first live credit default swap (CDS) index trade using Traiana's CreditLink service as the credit hub to verify pre-trade credit limits. JP Morgan acted as the clearing member for the major buy-side participant on the trade.

Under the Commodity Futures Trading Commission (CFTC) Swap Execution Facility (SEF) rules a clearing member must carry out pre-trade credit checks on trades prior to execution. CreditLink acts as a centralized hub and provides trading platforms, clearers/prime brokers, executing banks and buy-side firms the ability to monitor and manage pre- and post-trade credit in real-time across multiple trading venues in a consolidated view.

MarketAxess (Nasdaq:MKTX) is the first trading platform to have been granted temporary registration as a SEF to be fully integrated and live with CreditLink, and the first platform on which a live trade was conducted with pre-trade credit checking via a credit hub.

Kevin McPherson, Head of U.S. Sales at MarketAxess, said: "The completion of this trade with a major buy-side participant and JP Morgan, using Traiana as a credit hub, is an important milestone in the implementation of the new SEF rules. A seamless credit checking process is critical in helping participants maintain liquidity in the swap markets. We have been working hard with all of the participants on our platform and the industry as whole to ensure the necessary infrastructure is in place well ahead of the SEF trading mandate."

Nick Solinger, Head of Product Strategy and Chief Marketing Officer, Traiana added: "This trade represents the significant investment the entire industry has made into ensuring the transition to SEF trading is smooth for clients and we are delighted that the process has been so seamless with MarketAxess. JP Morgan and MarketAxess have been leaders in building the infrastructure for certainty of execution and we look forward to working with them across our mutual client bases."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs