Ivy Schmerken, Wall Street & Technology
Creditex completed its merger with CreditTrade, underscoring plans to create a global leader in voice, hybrid and electronic execution in the credit derivatives market. The transaction, announced on July 25, has received both NASD and FSA approvals, according to Tuesday's release.The merged entity, known as Creditex Group Inc., will have a significant presence in North America, the United Kingdom, Europe and Asia, according to the release. The combined companies are on track to complete credit derivatives transactions exceeding $2 trillion in notional value this year.
According to an interdealer survey cited by the release, the new company will rank in the top two in the fastest growing sectors: electronic trading, index transactions and structured credit products for both North America and Europe. The company is also well positioned in all single-name sectors for credit default swaps and emerging markets.
The new company will consolidate all electronic trading and price dissemination services onto Creditex's RealTime technology platform.
The firm has more than 225 employees in offices in New York, New Jersey, London and Singapore working to deliver execution and processing services.
The outstanding notional value of credit derivatives grew 52 percent in the first six months of 2006 to $26 trillion, according to the International Swaps Dealers Association's (ISDA) Mid-Year 2006 Market Survey, noted the release. As of mid year, credit derivatives had an annualized growth rate of 109 percent, surpassing last year's record expansion. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio