CMDX

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CMDX is an open-architecture electronic trading and migration platform developed by CME Group and Citadel Investment Group to trade credit default swaps (CDS).[1] The trades executed or migrated through CMDX are cleared by CME Clearing. The CMDX platform enables market participants to execute or book CDS trades through any of these venues:

  • Party-to-party negotiated
  • IDB–brokered (voice and electronic)
  • CMDX Request–For–Quote (RFQ) platform
  • Other electronic matching venues

CME Group and CMDX received a special exemption from the SEC in March 2008 for clearing and trading credit default swaps in the U.S. [2]

CMDX also provides a Migration Utility to migrate existing bilateral over–the–counter contracts to standardized, centrally cleared contracts. The standardized CDS contracts replicate as closely as possible current OTC–traded contracts.


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