MDX Trading Begins After the New Year
The MDX Working Group, in consultation with the MDX Buy Side Advisory Group, has recommended that initial trading of MDX swaps begin after the start of the new year.
The change in timing reflects the need for additional coding to ensure operational readiness. With most institutions mandating code release freezes for the month of December, the required enhancements will be implemented in January.
The MDX Working Group intends to re-test operational readiness in mid-January with a target to begin MDX swap trading shortly thereafter.
Indicative Pricing Starts Today — December 1, 2025
Dealers will submit MDX indicative prices on Series 1 swaps to ICE beginning today. Dealers and Vista will publish an indicative MDX composite mid-market price based on those submissions after each day. Dealers are looking forward to your feedback.
ISDA Agreements and Onboarding Underway
Market participants need ISDA Master Agreements in place with licensed MDX swap dealers to trade MDX. Both MDX Working Groups encourage buy side firms to establish ISDA agreements with all MDX dealers and to contact existing dealer relationships to ensure their margin documentation is current. ICE FI Select™ (ICE Swap Trade, LLC) is the licensed MDX swap trading venue, which has begun streamlined onboarding of buy side counterparties.
Please reach out with any questions. We look forward to working with you to prepare for trading after the new year.