Sunil Hirani co-founded Creditex in 1999 to service the credit default swaps market, which today exceeds $6 trillion in
notional value. Last year, Creditex introduced the first fully electronic trading program for credit indexes -- a major breakthrough
in liquidity and transparency. "Creditex in a year has executed $150 billion (notional) electronically, which is bigger
than the entire market was in the late '90s," Hirani is quoted as saying. The article states that Creditex
will focus on ways to lower the market's post-trade costs through new "e-processing" systems.
