Investment banks may be firmly focused on the reform of equity trading in Europe and the US but the fixed-income market is facing different issues, according to a bond trading specialist who argues the credit crisis six months ago may have set back the modernisation of credit default swap trading by a year or more.

Richard McVey, chief executive of MarketAxess, a corporate bond trading system company which launched the industry’s first multi-dealer CDS trading system in September 2005, said dealers and clients were still feeling the effects of the US sub-prime crisis.