Hybrid Broker for CDS Execution

Creditex is a leading interdealer broker for credit default swaps (CDS) and bonds, operating a hybrid model of voice and electronic execution and was the first interdealer broker to offer electronic CDS trading in 2004. Creditex also provides voice execution which allows market participants to trade based on their requirements .

  • Creditex pioneered electronic CDS trading with its RealTime trading platform
  • RealTime is used by more than 1,000 market participants at the world's top financial institutions
  • Liquid markets for index and single-name CDS, emerging markets, structured products and corporate bonds

Hybrid Broker for CDS Execution

Creditex is a leading interdealer broker for credit default swaps (CDS) and bonds, operating a hybrid model of voice and electronic execution and was the first interdealer broker to offer electronic CDS trading in 2004. Creditex also provides voice execution which allows market participants to trade based on their requirements .

Creditex is a leading interdealer broker for credit default swaps (CDS) and bonds, operating a hybrid model of voice and electronic execution and was the first interdealer broker to offer electronic CDS trading in 2004. Creditex also provides voice execution which allows market participants to trade based on their requirements .

Creditex pioneered electronic CDS trading with its RealTime trading platformRealTime is used by more than 1,000 market participants at the world's top financial institutionsLiquid markets for index and single-name CDS, emerging markets, structured products and corporate bonds

Delta Neutral Auctions (DNA)

Creditex also offers the industry's leading platform for Delta-Neutral Auctions (DNA), which provide jump-to-default risk reduction

  • Delta-neutral 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
  • Full straight-through-processing (STP) capabilities

Delta Neutral Auctions (DNA)

Creditex also offers the industry's leading platform for Delta-Neutral Auctions (DNA), which provide jump-to-default risk reduction

Creditex also offers the industry's leading platform for Delta-Neutral Auctions (DNA), which provide jump-to-default risk reduction

Delta-neutral switches between multiple counterparties to reduce unwanted curve risk while maintaining a risk-neutral portfolioThis market-leading product has reduced trillions in notional value of risk since inceptionFull straight-through-processing (STP) capabilities

Remuneration DisclosurePatent Disclaimer

Terms of BusinessBest Execution Policy

Post Trade Processing

Creditex provides comprehensive straight-through processing (STP) services for electronic, hybrid and voice 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.

Portfolio Compression

Portfolio Compression reduces the overall notional size and number of outstanding contracts in credit derivative portfolios without changing the overall risk profile or present value of the portfolios. This is achieved by terminating existing trades and replacing them with a smaller number of new replacement trades that carry the same risk profile and cashflows as the initial portfolio, but require a smaller amount of regulatory capital to be held against the positions.

Creditex and Markit were selected by the International Swaps and Derivatives Association (ISDA) to provide infrastructure to support commitments made by major market participants to the Federal Reserve Bank of New York relating to improved operational efficiency and risk reduction.

Portfolio Compression cycles are run on a regular basis in North America to compress the most actively traded single name CDS contracts systematically across all major sectors.

Since the first Portfolio Compression cycle on August 26, 2008, the process has reduced over $8.7 trillion* of CDS notional, providing significant savings to participants by reducing regulatory capital holdings and the operational costs associated with maintaining a larger portfolio of contracts.

*Updated August 2014

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: creditfixings.com

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: creditfixings.com or email: Creditex

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