Electronic trading
Inter-dealer brokers are competing fiercely for market share in electronic credit default swap trading before an inevitable rationalization in the New Year.
Following Creditex’s lead, GFI, Prebon Global Credit, and ICAP have all launched electronic CDS trading platforms this year. If others follow suit, half a dozen platforms could be live by early 2005.
“Screens really do encourage people to trade, especially index trades,” says Simon Mayes, a CDS trader at Lehman Brothers in London. “Volumes traded now are significantly larger than nine months ago when we had just voice broking.
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