TradeWeb executes a SEF compliant CDS trade

Following yesterday’s post which looked at what a SEF compliant platform for IRS would look like, today we hear from TradeWeb (who are registering as a SEF) that Blackrock completed a ‘SEF like trade’ for an index credit derivative referencing the US High Grade CDX index.

The trade used reference data (the CDX index) supplied by Markit, with Goldman acting as the clearing agent of the trade, which was then routed through to the CME , acting as central counterparty (CCP) to both sides of the trade.

Until realtime mandatory trade reporting becomes law, details of the size of the trade remain hidden. Although, it’s worth mentioning that even under SEF reporting rules, the identity of participants of SEF trades, will always remain hidden.

full story here

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