Earlier this year, MarketAxess launched its next generation e-trading platform for credit default swaps (CDS) and has seen increasing traction in CDS e-trading over the past several months. MarketAxess today has eight leading dealers live on its platform, with client-to-dealer trades taking place using the firm's patented request-for-quote (RFQ) trading protocol. In addition these dealers are streaming executable markets for CDS indices in Europe and the US, allowing clients a choice in their preference of trading protocols for derivatives. MarketAxess is registered as an MTF in Europe, and today has much of the core technology needed to meet the anticipated regulatory requirements for registration as a swap execution facility (SEF) and security-based SEF in the US.
In addition to the recent and important development in CDS, MarketAxess has seen consistent success in its core credit businesses, having now achieved record revenue and earnings growth over ten consecutive quarters, with the company's total trading volume increasing 31% year over year as of Q3 2011.
Paul Ellis, Head of MarketAxess Europe, commented on the award:
"MarketAxess has led the way in preparing for the anticipated reforms under MiFID II/MiFIR in Europe, as well as Dodd-Frank in the US. This is evidenced by growing traction on our CDS platform, alongside record revenue and earnings growth. We are delighted to be recognised by Funds Europe for our exceptional performance. These accomplishments, together with our work and correspondence with the regulatory authorities, have established MarketAxess as the most innovative platform within the credit market space."