Tradeweb Applies With CFTC to Offer First Credit-Swap Trading
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Tradeweb Markets LLC asked U.S. regulators to make it mandatory to trade credit-default swaps on its new government-mandated platform.
Tradeweb’s is the first application to the U.S. Commodity Futures Trading Commission to cover credit swaps. The bond- and derivatives-trading network, whose owners include Wall Street’s biggest banks and Thomson Reuters Corp., said it applied to offer contracts based on the Markit iTraxx Europe Index and the Markit CDX indexes tied to coporate debt in the U.S. and Canada. The New York-based company also applied to offer interest-rate swaps, according to today’s statement.