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Liffe, the global derivatives business of NYSE Euronext, has signed a licence agreement with Markit, a financial information services company, to launch credit default swaps based on Markit iTraxx
Bclear will provide existing and new CDS market participants with an efficient platform for reducing operational and counterparty risk whilst maintaining the flexibility of pre-negotiation that OTC market participants value.
CDS trades will be negotiated and agreed away from the exchange, before being processed through Bclear and cleared through LCH.Clearnet Ltd, which will stand as the central counterparty to all Bclear CDS transactions.