MarketAxess is the latest operator to file an application with the Commodity Futures Trading Commission (CFTC) to become a swap execution facility (SEF).
The trading platform and technology provider, which applied on 12 July, has joined data vendor Bloomberg and derivatives trading venue operator Tradeweb Markets on CFTC's list of SEF potentials.
MarketAxess specialises in electronic trading of credit default swaps (CDSs). Over the past three years, it has expanded its functionality to request for quote/market, click-to-trade and central limit order book for CDS trading.
"As an independent electronic trading network with a broad institutional client network and a wide range of trading protocols, we believe that MarketAxess is ideally positioned to facilitate regulatory objectives to create a more transparent and competitive OTC swaps market," Rick McVey, CEO of MarketAxess, said.
The CFTC finalised SEF rules - an integral part of provisions in the Dodd-frank Act to regulate the derivatives market - on 16 May, and registration has been open since 1 June.
Bloomberg was the first to apply, with Tradeweb following suit earlier this month. Tradeweb applied to operate two SEFs, offering trading in interest rate swap and CDS indices.