Creditex buys stake in TSI
Financial Times - May 14, 2007
Creditex, an interdealer broker for credit derivatives, is seeking to eliminate processing and settlement problems before
they arise in loan derivatives by forming an alliance with a company from the cash-loan market. Creditex is buying a minority
stake in Trade Settlement Inc (TSI), a privately held provider of settlement services to the primary and secondary syndicated
loan markets mainly in the US, though with plans to expand in Europe. The group will set up a strategic partnership with
T-Zero®, a subsidiary operation that provides derivatives processing services, in order to prepare for expected growth in
the nascent market for loan credit default swaps, which provide a kind of insurance against non-payment of corporate debt.
