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Creditex offers a leading electronic venue for trading credit default swaps (CDS) and corporate bonds. Creditex pioneered electronic CDS trading more than a decade ago with the introduction of its RealTime execution platform for interdealer trade execution in credit.

In 2015 Creditex expanded into serving the bond market, through the launch of ICE Credit Trade, a leading electronic platform for trading investment grade and high yield corporate bonds. Creditex RealTime is used by the world’s top financial institutions.

Delta-Neutral Auctions (DNA)

Delta-Neutral Auctions (DNA) are also offered through the Creditex platform, which provide jump-to-default risk reduction. DNA switches between multiple counterparties to reduce unwanted curve risk while maintaining a risk-neutral portfolio. This market-leading product has reduced trillions in notional value of risk since inception.

Post Trade Processing

Creditex provides comprehensive straight-through processing (STP) services for electronic, trading via the ICE Link STP Service. This enables Creditex to provide clients with the benefits of ICE Link's market-standard connectivity and the expertise of their dedicated integration and STP support team. The net effect for Creditex's clients is a higher level of service, reduced development cost and a faster time to "go-live". Visit ICE Link for more information.

Credit Event Auctions

Credit Event Auctions were designed to ensure a fair, efficient and transparent process for settlement of credit derivative trades following a credit event. The auctions were developed by Creditex and Markit in close cooperation with ISDA and major credit derivatives dealers and are an integral part of ISDA's credit derivatives definitions. Creditex and Markit have jointly acted as administrators of the credit event auctions since their inception in June 2005.

During a Credit Event Auction, dealers place executable orders on the Creditex platform for obligations issued by a particular company that has undergone a credit event, such as a bankruptcy filing or debt restructuring. A market standard methodology executes the orders at the calculated final price, which is also used as the cash settlement price for eligible credit derivative contracts. Markit reviews the order submissions and corroborates the auction results, including the final auction price, which is published on:

Credit Event Auctions are now the market standard for settlement of CDS and Loan CDS products. Since inception, over 160 auctions have been run for North American, European, and Japanese corporate and sovereign credits.

For more information, please visit: or email: Creditex

Related Links

RTS 27 – Quality of Execution of Transactions

RTS 28 – Top 5 Execution Venues (Best Execution Reports)

Transparency Data

Creditex Brokerage LLP — Multilateral Trading Facility

You can access pre-trade order data and post-trade trade data free of charge. In order to gain access, please click on this link. The Creditex Brokerage LLP data is located under the MiFID heading in the ‘Other Reports’ tab.

Related Information

ICE Credit Trade

ICE Credit Trade offers dealer to dealer trading for investment grade and high yield corporate bonds.

Discover CEP

CEP provides continuous, independent evaluated pricing for fixed income instruments, covering more than 2 million securities.

Credit Default Swaps

ICE leveraged its OTC market history with its credit expertise to become a leader in trade processing and risk management for the global CDS market.