Axiom Executes First USD1 Billion iBoxx Trade
U.S. broker Axiom Global Partners has executed a USD1 billion single credit derivatives trade, believed to be the largest ever trade of its kind.
Derivatives Week May 2, 2004
Axiom Global Partners has executed a USD1 billion single credit derivatives trade, believed to be the largest ever trade of its kind. A partner in New York, said the trade was referenced to the North American investment grade iBoxx index. He declined to name the counterparties.
The trade came hot on the heels of an agreement last week in which the iBoxx indices will be merged with TRAC-X globally. With all the major dealers planning trading the same product, larger trades are now more feasible. The average size of trades, which currently stands at USD50-100 million, is also likely to grow as the market continues to become more liquid, he added.
Axiom goes live in London
Euroweek, November 26th 2004
Axiom, the North American CDS broker, has launched its electronic trading platform in London. It has been accepted by 15 of the leading 18 London market makers, and is now trading index products and emerging markets CDS.
Axiom becomes the latest broker to enter the increasingly competitive world of online CDS trading. Creditex unveiled its RealTime platform in February, and has made significant progress, say dealers. It is estimated that over 90% of all online CDS volume is traded on Creditex screens.
Creditex had the great advantage of being the first broker to introduce a well-liked system to the CDS market, but others have followed. GFI is Creditex's chief competitor in the electronic market, and launched its CreditMatch system in September.
ICAP also trades credit derivatives through Brokerec, its fixed income trading platform, and Prebon Global credit can handle CDS trades through PrebonEdge. The latter uses Trayport technology, which was developed for the energy market.
Axiom's platform is described as voice assist, which means that, like CreditMatch run by GFI, it functions alongside and sometimes in conjunction with traditional voice brokering.
The world of electronic CDS dealing has been greatly facilitated by the development and popularity of the unified index products this year, say market participants. Volume in these instruments has been enormous and they are highly transparent – ideal for screen dealing.
Read More News About Axiom London Launch
Former ACE Credit Pro Resurfaces At N. Y. Broker
Derivatives Week June 13, 2004
Bob Smith, former VP at ACE Guaranty Corp., has joined broker Axiom Global Partners, as a managing director in structured credit products. Smith is focusing on the correlation and options markets, he said. Jamie Cawley, CEO at Axiom in New York, noted that Axiom sees structured products as "the next growth opportunity within the credit derivatives market."
Smith left ACE last year after the insurer started refocusing the firm's credit businesses.