Creditex expands credit default swap trading platform

IntercontinentalExchange (ICE) has announced that interdealer broker Creditex, a wholly-owned subsidiary of ICE, has expanded its electronic trading capabilities and products for credit default swaps for the North American market. With the addition of key indexes, the Creditex RealTime electronic platform began executing trades for the CDX IG and HY series of indexes on 7 March. Since the introduction, over 80% of the CDX index trades arranged by Creditex have been executed on the RealTime platform.

Creditex’s president Grant Biggar says that the firm’s aim with the new platform is to improve trade execution and transparency, along with efficiency and accuracy for post-trade processing. Trades are submitted via ICE Link for straight through processing, and are eligible for central clearing through ICE Trust. Creditex anticipates that this workflow will be at the core of the swap execution facility (SEF) rules once they are finalised.