Axiom makes bid for European CDS market
Axiom Global Partners, the New York-based inter-dealer brokerage, has launched its electronic credit default swap (CDS) broking platform in the London market.
Axiom’s London office will concentrate on broking index trades, emerging market CDS and basis trades and investment grade CDSs. The company also has designs on the structured credit market, and said is has appointed a team to focus on tranches, first-to-default baskets and CDS options.
Axiom has created its London team with brokers lured from high-profile rivals such as Cantor Fitzgerald and Icap. The company said it plans to expand and will be announcing further appointments in the near future.
The company’s move puts it alongside Icap, GFI, Creditex and Prebon - brokers that already offer electronic trading platforms. CreditTrade, however, still remains without an electronic offering.
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