Bloomberg has launched the first interface in the US credit derivatives (CDS) market that connects both buy- and sell-side firms to the two central clearing counterparties (CCPs). The Bloomberg VCON solution, a widely accepted confirmation utility for cash and derivative instruments, now allows dealers and their clients to send executed trades to the two US-based providers of central clearing for OTC credit derivatives — the Chicago Mercantile Exchange (CME) and Intercontinental Exchanges ICE Trust.
This connectivity leverages the Bloomberg VCON infrastructure for linking to MarkitServ for credit default swap and interest rate swap trades, bringing greater efficiency to the CDS markets.
Bloomberg is uniquely positioned to act as an integrated hub for OTC derivative processing, utilizing the network of BLOOMBERG PROFESSIONAL service to connect trading customers with downstream processing and clearing services like ICE and CME, says Ben MacDonald, Bloombergs global head of fixed income trading. With the data, news and analytics on the all-inclusive BLOOMBERG PROFESSIONAL service, we can play a key role in assisting our customers with operational efficiency and risk mitigation, and add value for our users.
The new CCP interface further builds out Bloombergs capabilities as a provider of trading solutions and post-trade services in the global CDS market. A full suite of CDS analytics is available on the BLOOMBERG PROFESSIONAL service at GO, GO and GO.
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