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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.


  1. About CMD. CMDX.
  2. SEC Grants CME Group and CMDX Exemption to Clear and Trade Credit Default Swaps. CME Group.