Traccr has said that a structured products specialist Swiss client has executed a $5 million bespoke credit-linked note (CLN) through the firm's electronic platform.
The firm recently launched its multi-dealer-request-for-quote credit derivatives electronic product.
In developing the deal, the client benefited from live CLN axes that were posted by dealers to their respective networks of clients. This, said Traccr, is a unique feature recently added to the its platform.
According to Farooq Jaffrey, chief executive officer of Traccr, the client posted request-for-quotes for a CLN referencing an Indian resources firm that had specific structural features and received competitive offers from various dealers. In the end, the client traded on the best price with a single dealer.
“We are pleased that the platform is fulfilling its promise for clients interested in trading customized as well as standard structures and gratified by the significant level of inquiry we are receiving,” Jaffrey stated. “Further, we are particularly thankful for the support we are getting from sell-side banks, which believe that the platform is the way of the future for structured credit products,” he added.
The platformis currently supported by six dealers. It has an added four dealers that are in the process of documentation to join. The service allows dealers to post live axes for both CLNs and CDS to their networks of clients. It also provides clients the ability to bilaterally negotiate terms, real-time execution as well as confirmation.