Still in credit

Creditex's co-founder and chief executive, Sunil Hirani, talks to Alexander Campbell

Despite all the problems caused by the subprime crisis, the credit derivatives market has continued to grow. According to the International Swaps and Derivatives Association, the notional amount outstanding of credit derivatives grew by 32% to $45.46 trillion in the first six months of 2007, and dealers expect that growth to have continued into the difficult third and fourth quarters of last year.

For Creditex, a nine-year-old New York company that specialises in electronic processing and