Creditex adds Mark-it’s ‘Red’

Credit derivatives broker Creditex is to incorporate pricing data provider Mark-it Partner’s reference entity database (Red) into its trading and information platform.

Red is designed to facilitate credit derivatives trading by bringing legal certainty to deals. It does this by matching reference entities with their associated benchmark bonds or reference obligations. It will be added to Creditex’s ‘RealTime’ platform.

“Red provides us with the market standard data that we require to conduct our business accurately and efficiently,” said Sunil Hirani, Creditex’s chief executive. “We are confident that incorporating Red within RealTime will help our clients move one step closer to standardisation and automation in the credit derivatives market-place.”

“Embedding the Red data into the core trade processes in the credit derivatives market is a key part of our strategy,” said Lance Uggla, Mark-it Partner’s chief executive.