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RELEASE: pr6843-14

  • January 30, 2014

    The Commodity Futures Trading Commission’s Division of Market Oversight Announces Trade Execution Mandate for Certain Credit Default Swaps

    MarketAxess SEF Corporation’s Available-to-Trade Determinations Are Self-Certified

    Washington, DC — The Commodity Futures Trading Commission’s (CFTC or Commission) Division of Market Oversight (Division) today announced that MarketAxess SEF Corporation’s (MarketAxess) self-certification of available-to-trade determinations (MAT Determination) for certain credit default swap (CDS) contracts is self-certified.

    The CDS contracts included in MarketAxess’ MAT Determination were previously determined to be made available to trade as a result of an earlier MAT Determination submitted by TW SEF LLC (Tradeweb) that was self-certified on January 27, 2014. Under Commission regulations, these CDS contracts, whether listed or offered by MarketAxess or any other swap execution facility (SEF) or designated contract market (DCM), will become subject to the trade execution requirement under section 2(h)(8) of the Commodity Exchange Act 30 days after Tradeweb’s January 27, 2014 certification.

    All transactions involving swaps that are subject to the trade execution requirement must be executed through a DCM or a SEF. To the extent swaps subject to the trade execution requirement are executed on a SEF, they must be executed in accordance with the execution methods prescribed by Commission regulations.

    Transactions involving the following CDS contracts will be subject to the trade execution requirement, effective February 26, 2014.

    Specification

    Untranched Credit Default Swap Indices

    Reference Entities

    Corporate

    Corporate

    Region

    North America

    Europe

    Indices

    CDX.NA.IG

    CDX.NA.HY

    iTraxx Europe

    iTraxx Europe Crossover

    Tenor

    CDX.NA.IG 5Y

    CDX.NA.HY 5Y

    iTraxx Europe 5Y

    iTraxx Europe Crossover 5Y

    Applicable Series

    At any time, the then-current series and the preceding series that was replaced by the current one.

    Last Updated: January 30, 2014

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