Markit and MarketAxess team up

MarketAxess, a New York-based multi-dealer trading platform, has subscribed to Markit’s Reference Entity Database (Red) service for its credit derivatives index trading system, which it is expected to launch in September.

MarketAxess will use Red data to facilitate the execution of transactions of the standard iTraxx and DJ CDX contracts and will provide straight-through-processing via the Depositary Trust and Clearing Corporation (DTCC), which should reduce operational risk.

Red holds a list of standard reference entities and reference obligations agreed by market participants, which has helped to ease liquidity in the single-name credit default swap market. It has also developed a way to identify the main iTraxx and Dow Jones CDX credit indexes, which have driven growth in the tranche market since their launch in June 2004.

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