MDX.GN Data Resources
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Use our data request form to request access to Vista Index Data, Loan Identifiers, and Loan Level Details.
Key Developments and Industry Collaboration Driving MDX Growth
A robust ecosystem has emerged to support MDX swap trading in 2025. Core dealers, key vendors, operational partners, industry bodies, and working groups are all prioritizing resources to implement key functions. Final definitions for trading protocols, trade processing, reporting, and settlement are expected to be wrapped up in the very near future. Thereafter, price discovery and operational testing will begin.
In this article, we review the developing MDX ecosystem and the anticipated deliverables over the coming months.
MDX Pre-Trade Support
ICE Data is supplying the market with MDX index and loan level data going back to 2014. This information is being provided directly to market participants upon request. Over the next few months, ICE will also be releasing enhanced MDX-related data services and analytics.
INTEX has incorporated MDX data and modeled the most recent Series of MDX indices and swaps. The Intex model for MDX.GN Series 5 is now available with historical performance (i.e. seasoned all-assets mode), which can be accessed using the ticker MDXGN5 in the US RMBS deal library. Additional swaps will be released shortly.
Bloomberg is creating standard descriptive data arrays and analytics together with swap calculators. The initial releases are scheduled for Q2 2025.
MDX Trading
ICE Bonds has created the official MDX calculator to be used for converting spreads to dollar prices and computing accrued interest for settlement. The calculator will be available on the ICE website in the next few weeks. An API for systematic access to the calculator, as well as its source code, will follow. ICE Bonds also plans to add MDX swaps to its ICE FI Select trading platform and fully support pre-trade to trading workflows.
Bloomberg expects to operate a swap execution venue once they have completed their initial data and analytics release. A request for quote (RFQ) protocol is anticipated. This platform will employ existing architecture to integrate with analytics and processing workflows common with other credit products.
“Voice” Trading will also be available in addition to electronic trading. Market participants who elect to trade by voice (e.g. via phone, IB messaging, etc.) will enter trades manually to post-trade processing systems.
MDX Post-Trade and Settlement
Vista is working with a range of post-trade vendors to process completed MDX swaps. The goal is to offer a high degree of flexibility, rapid time to market, and support for a full range of both cleared and uncleared MDX-related products.1 To this end, a hybrid infrastructure is being built that takes advantage of multiple existing post trade environments. Key participants in this process include ICE Clear Credit, ISDA, OSTTRA (TradeServ), DTCC, CLS and others. A working group that includes dealers and vendors will commence work in early March that will finalize operational plans, coordinate the various workstreams, and test workflow infrastructure.
How to Participate
Vista and other MDX partners will begin reaching out to you as implementation plans and deliverables are completed.
We encourage you to speak with these firms as they work to build out infrastructure to support market demand. In addition, your interest in MDX trading needs to be communicated to trade processing vendors, ICE clearing members (FCMs), and where appropriate, your prime brokers. These organizations need to know of your interest in trading MDX now, so they can make the necessary enhancements to their respective systems.
We will be at the SF Vegas conference and look forward to seeing you then. In the meantime, please let us know if you have any comments or questions.
February Index Performance
MDX.GN Data Resources
Request MDX.GN Data Access
Use our data request form to request access to Vista Index Data, Loan Identifiers, and Loan Level Details.