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Mark-it Partners Ltd. ("Mark-it"), the world's first integrated daily pricing service for global credit derivatives, cash credit instruments and syndicated loan pricing, and Creditex Inc. ("Creditex"), a leading provider of credit derivatives execution and information to the world's largest global financial institutions, jointly announce that Creditex will incorporate RED into its RealTime trading and information platforms. Creditex, which is the only provider of credit derivatives on-line execution services, will become the first intermediary to fully integrate Mark-it RED data into its trading, brokerage and information businesses.
Under the terms of the agreement, Creditex will be integrating RED fully into its RealTime trading system for single name and index products, as well as using RED for electronically executing credit derivatives transactions. All the major participants in the credit derivatives markets are subscribers to RED and have Creditex's RealTime platforms installed on their trading desks. The market-standard RED CLIP codes will also be displayed on Creditex's trading platforms, facilitating information sharing between the Creditex brokers and dealing rooms.
Sunil Hirani, CEO of Creditex said, "Mark-it RED provides us with the market standard data that we require to conduct our business accurately and efficiently. We are proud to be setting the highest market standards for on-line trading via RealTime, with the full integration of Mark-it's RED. We are confident that incorporating RED within RealTime will help our clients move one step closer to standardisation and automation in the credit derivatives marketplace."
Lance Uggla, CEO of Mark-it Partners, said, "We're very pleased to have the opportunity to work with Creditex as we answer our partners' requirements by establishing RED data as the market standard. Embedding the RED data into the core trade processes in the credit derivatives market is a key part of our strategy and Creditex are the perfect firm to work with to pursue that."