Inrer-dealer brokers GFI Group and ICAP are launching the first multi-broker tradable iTraxx tranche fixings for the interbank market. The month-end fixings will be established by dealers inputting prices onto a joint GFI/ICAP platform and follows on from fixings in previous months operated by GFI.
The first jointly operated fixing ran on Friday 30 March, and the fixing results were published to participants immediately after the fixing and will be made freely available to users on Bloomberg page GFAU.
“The market has repeatedly asked for a multi-broker fixing process that ensures the broadest market participation, eliminates duplication and prevents any single broker from monopolising the process,” says Julian Swain, managing director, Europe, GFI Group. “We are very pleased that ICAP, the largest inter-dealer broker in the world, has joined with us to deliver on this market request,” he continues.
“The neutral multi-broker process to run these fixings will strengthen the validity and accuracy of the tranche fixing,” adds Gary Smith, managing director of ICAP Securities in London. “GFI’s presence in the credit derivative markets makes them the ideal partner to ensure comprehensive support,” he comments.