Creditex Group Inc.
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| Creditex Group Inc. | |
| Headquarters | New York, London and Singapore |
|---|---|
| Key People | Sunil Hirani, Chief Executive Officer - Co-Founder; John Grifonetti
President and COO |
| Web site | http://www.creditex.com/index.html |
Creditex Group Inc. is a credit market broker which provides execution and processing of credit default swaps (CDS) in the U.S., Europe and Asia through a hybrid model of voice and electronic execution. In June of 2008 Intercontinental Exchange (ICE) announced a definitive merger agreement to acquire Creditex. The deal closed in September 2008.
As of early 2008, along with GFI and Icap the company held about a 90 percent share of the European inter-dealer market.[1]
Creditex's platform executed over $3 trillion notional in credit default swap (CDS) indices, single-name CDS and standardized structured credit products in 2008.
In 2006, Creditex and Markit Group Limited, an industry source of independent mark-to-market pricing, valuations, dividend forecasting and index services, won the Risk Magazine Trading Initiative of the Year Award for developing the Credit Event Fixings, a joint Creditex Markit initiative run in close cooperation with major credit derivatives dealers.[2]
Contents |
Key People
- Sunil Hirani, Chief Executive Officer - Co-Founder
- John Grifonetti, President and COO
- Grant Biggar, Head of Creditex Europe (Creditex Brokerage LLP)
News
On June 3, 2008, ICE announced it had entered into a definitive merger agreement to acquire Creditex Group Inc. (Creditex), a credit market innovator in the execution and processing of credit default swaps (CDS) with markets spanning the U.S., Europe and Asia. Creditex is a major player in the most liquid segments of the CDS market including CDS indexes, single-names and standardized tranches. The transaction consideration will total $625 million, comprising approximately $565 million in ICE common stock and $60 million in cash, as well as a working capital adjustment to be finalized at closing. Upon the closing of the transaction, expected during late third quarter 2008, Creditex Group will be a wholly-owned subsidiary of ICE, operating under the Creditex name.[3]
History
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Products and Services
Key People
References
- ↑ Crunch Wakes US to CDS E-Trading. Euromoney. Retrieved on June 5, 2008.
- ↑ Press Release. markit.com. Retrieved on June 5, 2008.
- ↑ Press Release. ICE. Retrieved on June 3, 2008.
