LONDON and NEW YORK, Nov. 28 /PRNewswire/ -- Creditex and CreditTrade today announced the completion of their merger, creating a global leader in voice, hybrid and electronic execution in the credit derivatives market. The transaction has received both NASD and FSA approval. The merged entity -- Creditex Group Inc. -- will have considerable scale, with a significant presence in North America, the UK, Europe, and Asia. The combined entity is on track to complete credit derivative transactions exceeding $2 trillion in notional value this year. "Creditex Group is well positioned to serve the diverse needs of a growing, global client base with the most comprehensive execution services," said Sunil Hirani, founder of Creditex, who assumes the position of CEO of Creditex Group. "The new company combines the strengths of two businesses that, joined together, will not only be responsive to market needs, but also be at the forefront of innovation in voice, hybrid and electronic transaction services." According to Risk Magazine's inter-dealer survey, the new company will rank in the top two in the fastest-growing areas of the market: electronic trading, index transactions, and structured credit products for both North America and Europe. Creditex Group is also well positioned in all single-name sectors and emerging markets. The firm has more than 225 employees in offices in New York, New Jersey, London and Singapore working to deliver the best in execution and processing services. The new company will consolidate all electronic trading and price dissemination services onto Creditex's award-winning RealTime technology platform. "By streamlining the technology platforms of the two firms, we will be able to provide the highest quality service to our clients," said John Grifonetti, President and COO of the company. "We are actively working with our clients to ensure they get best execution at the highest level of operational efficiency." The outstanding notional value of credit derivatives grew 52% in the first six months of 2006 to $26 trillion, according to ISDA's Mid-Year 2006 Market Survey. The annualized growth rate for credit derivatives as of mid year is 109%, surpassing last year's record expansion. In addition to being a market leader in electronic and voice execution in credit derivatives and processing, Creditex Group also has pioneered and developed the Tradable Credit Fixings and Credit Event Fixings that are being used by the International Swaps and Derivatives Association to establish settlement prices for credits in default. A settlement auction for Dura is scheduled on November 28. About Creditex Group Inc. Creditex Group is the global leader and innovator in electronic and voice execution in the credit derivatives markets. From offices in New York, New Jersey, Singapore and London, the firm provides the full breadth of transactions services in CDS indices, index tranches, single name CDS as well as structured products. A pioneer in bringing many new initiatives to the marketplace, Creditex led the way in e-trading and in automating the execution and processing of CDS transactions, including straight through processing. The platform, which is set to surpass $2 trillion in notional value of CDS transactions this year, is used by more than 800 traders at the world's largest financial institutions. In 2005, Creditex pioneered the first Tradeable Credit Fixings, a milestone in bringing additional confidence and transparency to the market by providing a standard benchmark and settlement rate. In November 2006, the firm expanded substantially by combining its business with that of CreditTrade, a leading inter-dealer broker. Creditex has consistently earned accolades in leading financial media and business rankings including Credit, Euromoney, Forbes, Institutional Investor, Risk and IFR. Most recently, the firm was named to Deloitte New York Technology Fast 50, a ranking of the fastest-growing companies in NYC as compiled by Deloitte & Touche USA. Last year, it won the IFR Innovation of the Year Award for pioneering the Credit Event Fixings, Creditex's technology continues to set the standard for innovation in the credit derivatives market, and its highly experienced staff is committed to delivering best-in-class client service. For more information about Creditex Group, visit http://www.creditex.com/. DATASOURCE: Creditex CONTACT: Annette Bronkesh of Bronkesh Associates, +1-973-778-8648 Web site: http://www.creditex.com/

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