Creditex Acquires Stake in Trade Settlement Inc.
Wall Street & Technology - May 16, 2007

Eyeing the market for loan-only credit default swaps, Creditex Group has acquired a minority stake in Trade Settlement Inc. (TSI) , a privately held company that operates a post-trade processing platform for syndicated bank loans. As part of the transaction, theh companies also announced a partnership between TSI and T-Zero®, an independently managed subsidiary of Creditex Group, which operates a post-trade affirmation platform for credit default swaps. The partnership will enable T-Zero® , a technology agnostic firm, to expand its affirmation platform into the syndicated loan market. Pat Loret de Mola, CEO of TSI is quoted in the story saying, "We were having the same problems as in the credit derivatives world. The market got ahead of the settlement. I decided we need a post-trade processing platform for syndicated bank loans."

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