Creditex and CreditTrade confirm merger plans
CreditFlux – 27-JULY-2006

Inter-dealer brokers Creditex and CreditTrade have confirmed that they are merging, as first reported in Creditflux last week. Creditex's chief executive, Sunil Hirani, becomes CEO of the merged firm.

The combined company is set to execute over $2 trillion in notional of single name, emerging markets, index and tranched index trades in 2006,

Creditex and CreditTrade said in a release. The new company, which is called Creditex Group, will have offices in New York, New Jersey, London and Singapore.

Creditex was co-founded by Hirani in 1999 as an electronic credit derivatives brokerage. CreditTrade was founded in similar fashion the same year, by Paul Ellis. A spokesperson was unable to provide details on his role following the merger or on the structure of the merger transaction.contents

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