UBS Credit-Swaps Trade System Shows Clients Like Live Prices
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Credit-default swaps traders are executing more of the derivatives on an electronic UBS AG system than at any time since it was started six months ago, according to the bank.
Monthly volumes of index trading on the firm’s Price Improvement Network rose to an average $11 billion in July and August, compared with an average $7.5 billion in the four months ended June, according to the Zurich-based lender. More than $50 billion of the swaps, tied to credit benchmarks including the Markit CDX North America Investment Grade Index and the Markit iTraxx Europe Index, traded through the end of August, UBS said.