Creditex launches credit default swap index platform

Creditex launches credit default swap index platform

Credit derivatives execution and information company Creditex has launched the first electronic platform for trading credit default swap indices, including the rival iBoxx and Trac-X suites.

The platform began live operation this week after pilot trials with a number of London-based liquidity providers. The system allows traders to place live, actionable orders and receive intraday and end-of-day electronic feeds of live index prices as well as trade confirmations.

Tim Frost, head of European trading at JP Morgan says: "The industry will benefit from Creditex's innovation in numerous ways, including cost savings and control improvements that result from the efficiency of automating the trade and post-trade processes."

Creditex's system has been brought to market in advance of a proposed offering from the US' Depository Trust and Clearing Corporation.

Creditex says it will roll out the platform to additional clients in Europe and North America over the coming weeks.

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