Creditex and CreditTrade Finalize Merger, Creating Leading Credit Derivatives Platform
28 11월 2006 - 10:34PM
PR Newswire (US)
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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