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.
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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