The Firebird platform was launched earlier this month into 14 CDS dealers, and presently supports the trading of High Yield (HY), Investment Grade (IG), and Loan (LCDX) CDS Index products.
According to the company, Firebird supports both hybrid-click trading, which allows traders to interact with their Phoenix brokers while simultaneously executing trades on their own, as well as pure-click electronic trading.
Firebird’s wide-ranging capabilities include: real-time risk management; position limit monitoring; automated trade surveillance; ability to create audit trails; trade reconstruction functionality; supports 50,000 concurrent users; capacity to processes more than 600,000 transactions per minute; automated trade posting; and Straight-Through Processing (STP) and central clearing.
Phoenix Partners Group CEO and co-Founder Nicholas Stephan said they are now well prepared to qualify as a Swap Execution Facility once the CFTC finalizes its rules, and expect to be grandfathered as a SEF, and continue our operations seamlessly, once the rules take effect.
"As traders and brokers become more comfortable with hybrid-click and pure-click execution methods, we plan to broaden the scope of our product offering," Stephan said.
