JPMorgan Chase & Co. executed credit default swaps trades through MarketAxess' trading platform in a preview of how swaps deals are expected to be conducted on swap execution facilities, the companies said.
The firms said some of the trades were cleared, while others were intermediated or remained bilateral. The deals, which included single-name CDS and credit index trades, were completed yesterday, the companies added.
"For the first time our global OTC clearing clients and JPMorgan's trading desks were able to transact in a fashion broadly consistent with the key principles of the global regulatory reform," Dale Braithwait, JPMorgan's global head of credit derivatives clearing said in a statement. "Our trade execution shows that we and are clients are prepared for the new regime, whatever for it ultimately takes."
JPMorgan said the deals were completed in the U.S. and Europe.