Known for innovation in the credit derivatives market, Creditex developed Tradeable Credit Fixings in collaboration with Markit Group Limited ("Markit") and major credit derivatives dealers. Credit Fixings provide transparency, liquidity, and market-supported reference rates. Fixings for European iTraxx indices are run on a weekly basis for the on-the-run series and twice yearly during the index roll. Additionally, European iTraxx Tranche Fixings are run by Creditex and Markit on a bi-monthly basis across multiple series.
Creditex built upon Credit Fixings in conjunction with Markit, ISDA and major dealers to create the Credit Event Auction process, which supports cash settlement of credit derivatives contracts triggered by a credit event. Credit Event Auctions are conducted on Creditex’s RealTime platform and the results are verified by auction co-administrator Markit.
Credit Event Auctions are now the market standard for settlement of CDS and Loan CDS products. Since inception, over 120 auctions have been run for North American, European, and Japanese corporate and sovereign credits. Recent auctions have included The Hellenic Republic (Greece), Eastman Kodak, and Elpida Memory, Inc.