RBS will be providing markets for US high grade and high yield indices (CDX), as well as European indices (iTraxx).
Using the MarketAxess ‘streaming markets’ protocol, investors will be able to initiate trades with a single click.
MarketAxess will provide a suite of straight-through-processing (STP) functionality for CDS trades taking place on the platform, including connectivity to the available central clearing counterparties for CDS.
MarketAxess president Kelley Millet said as the first firm to provide streaming, executable quotes on the MarketAxess platform RBS is helping to promote the implementation of electronic CDS trading today, and MarketAxess expect to add further dealers to the streaming markets platform for CDS indices in the near future.
"MarketAxess expects to qualify as a swap execution facility (SEF) and as such we are offering a full suite of trading protocols and post-trade connectivity to support and accelerate electronic trading in the CDS market," Millet said.
RBS managing director and head of US credit trading Sean Murdock said that these efforts reinforce RBS’s commitment to providing clients with new and diverse execution solutions, enhanced access to liquidity, and a foundation for preparing for future regulatory requirements.
