GFInet launches new credit derivatives service

GFInet, the online interdealer broking service of GFI, has launched a Credit Default Swap Mark-to-Market (MTM) service today. The product will enable GFI, one of the largest brokers in the credit derivatives market, to make its comprehensive market price data available for product controllers and risk managers.

Credit Default MTM will facilitate price verification and represent the actual levels at which market participants are willing to trade. It will allow risk controllers to easily mark-to-market credit derivatives positions as required under the US' accounting law FAS 133.

Jeffrey Tober, head of credit derivatives at GFInet, said: "To date, default swap price information has been difficult to obtain, especially for product controllers and risk managers. Our goal is to bring greater transparency to the market."

The product is aimed at a wide variety of market participants, and the company will offer different levels of the service. Richard Williams, head of credit derivatives at Abbey National Financial Products, said: "A market-based, independent price verification service such as that proposed by GFI will increase the confidence institutions have in the price and monitoring process. A broader range of institutions should find the market attractive for both trading and hedging purposes."

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