Thirteen broker-dealers have joined an industry-wide effort to decide technical standards for the trading of interest rate and credit default swaps, Financial Times reports. The group of banks has established the Fixed Income Connectivity Working Group to define open technology standards as the market gets ready for deeper electronic trading in fixed income.
The industry push has got support from several fixed-income trading venues expected to become swap execution facilities and organized trading facilities, including MarketAxess, Tullett Prebon and GFI Group. The 13 banks include Barclays, Deutsche Bank, Goldman Sachs Group and J.P. Morgan.
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