Creditex Acquires Stake to Expand in Loan Derivatives
Bloomberg - May 14, 2007
credit derivatives broker Creditex Group Inc. bought a minority stake in Trade Settlement Inc., which settles trades in
the loan market, to expand its reach into loan derivatives. Creditex's subsidiary T-Zero®, which electronically affirms credit-default
swap transactions between banks, brokers and investors, will partner with Trade Settlement as dealers prepare to start trading
an index of loan credit-default swaps. Creditex CEO Sunil Hirani is quoted as saying,"`They have a very strong domain
expertise in loan processing and loan settlements. So we thought it would be good to bring together our expertise in credit derivatives processing in T-Zero® and partner with TSI in tackling loan'' and loan credit-default swaps processing.
