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Most active CDS users get biggest savings – research
CFTC economists see benefits to having many counterparties since move to Sef trading
![Swaps users saving-money Swaps users saving-money](/sites/default/files/styles/landscape_750_463/public/2019-08/saving-money.jpg.webp?itok=TGb3OSR3)
The most active clients in the credit-index swap markets have a palpable edge over smaller players, getting prices as much as 5.33 basis points lower on average than the rest of the market in CDX high-yield (HY) swaps.
Two researchers at the US Commodity Futures Trading Commission – Richard Haynes, a supervisory research analyst, and Lihong McPhail, a research economist – used data from the Bloomberg swap execution facility (Sef) on trades in three indexes: for US credit, the CDX investment
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