Creditex will integrate Market-it Partners' data into its credit derivatives platform.
Creditex Inc. will incorporate RED "a daily pricing service for global credit derivatives, cash credit-instruments and syndicated loan-pricing "from Mark-it Partners Ltd. into its RealTime trading and information platforms.
Under terms of the agreement Creditex will integrate RED fully into its RealTime trading system for single-name credit-default swaps and index products. It will also use RED for electronically executing credit-derivatives transactions. All the major participants in the credit derivatives markets are subscribers to RED and have Creditex's RealTime platforms installed on their trading desks, says the company. The market-standard RED CLP codes will also be displayed on Creditex's trading platforms, facilitating sharing between the Creditex brokers and dealing rooms.
Sunil Hirani, chief executive of Creditex, states in the release, "Mark-it RED provides us with the market-standard data that we require to conduct our business accurately and efficiently. He further adds that incorporating RED within RealTime "will help our clients move one step closer to standardization and automation in the credit-derivatives marketplace."