Best site for credit derivatives: JPMorgan
Highly commended: Goldman Sachs, BNP Paribas
BNP Paribas, Goldman Sachs, and JPMorgan all have high-quality live pricing information on their sites, and have built new tools that offer a sophisticated level of cross-product intra- and inter-market analysis. JPMorgan wins the award because of the accessibility of its credit derivatives pages and the degree to which it has made credit default swap analysis part of a wider assessment of credit quality and risk.
JPMorgan’s credit derivatives offering splits into three parts. The pricing site, Orbit, provides live prices for over 450 names, around half of which are tradeable. Orbit also provides live prices for all TRAC-X products. Users can view CDS spread and curve histories on all the names on Orbit, and the curves are re-marked daily.
JPMorgan’s new tool, launched in April 2003, is the Credit Navigator. It is easy to reach from MorganMarkets or direct from Orbit. It is a relative-value report tool that pulls together all the available CDS and bond data on individual names. There were around 70 names on the Credit Navigator when it was launched, and this has grown steadily since. For each name, the Credit Navigator provides am asset universe and basis history, a curve and curve-slope history, and individual bond basis histories.