TRACCR has launched its multi-dealer request-for-quote credit derivatives electronic brokerage service, which allows investor clients to trade credit derivatives either in credit-linked note or credit default swap formats.
An example of this is a German-based professional buysider who executed a credit warrant referencing the 0-3% Tranched Markit iTraxx Europe Series 15 index.
TRACCR’s online brokerage service offers trading functionality through a graphic user interface (GUI) that can operate in any browser or via an application programing interface (API).
The new product provides streaming capability, indicative credit default swap quotes, the ability to bilaterally negotiate terms, real-time execution and confirmation.
"We are encouraged by the strong level of interest we have received from market participants in the platform, particularly because of its ability to facilitate trading of standard, customized and multi-name credit derivative instruments in either unfunded or funded formats," Farooq Jaffrey, chief executive officer at the firm said. “Over the past several months, more than a dozen institutional investors and broker-dealers have been beta testing the platform and providing feedback ahead of launch."
He added that the team has concentrated on developing an electronic execution service that facilitates the trading of over-the-counter credit derivative instruments.
"We are pleased that the platform satisfies the need for pre-trade transparency, best execution and business intelligence reporting for buy-side clients while enhancing transaction flow for broker-dealers,” Jaffrey said.