Traccr Limited today announced the launch of its multi-dealer request-for-quote credit derivatives electronic brokerage service, a new and unique offering, which enables buy-side clients to trade credit derivatives either in credit-linked note or credit default swap formats.
A German-based professional investor executed a credit warrant referencing the 0-3% Tranched Markit iTraxx Europe Series 15 index.
Traccr's online brokerage service provides intuitive trading functionality via a simple graphic user interface ("GUI"), which can operate in any browser or via an application programming interface ("API"). The platform delivers streaming, indicative credit default swap quotes, the ability to bilaterally negotiate terms, real-time execution and confirmation.
Farooq Jaffrey, CEO of Traccr stated:
"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, customised and multi-name credit derivative instruments in either unfunded or funded formats. 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."
"Our team has focused on developing a dynamic electronic execution service which 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."