CDS portfolio trading platform hits market
Creditex launches online auction service for trading bulk CDS, named Q-Wixx, that it claims will cut costs and risk for dealers and CDO managers
Q-Wixx, a service that automates the pricing and execution of lists of credit default swaps, launched in June. Users say it cuts the time it takes managers to ramp up CDOs from hours to just seconds and slashes the market and operational risk inherent in the existing system.
Currently, clients trading bulk CDS send an Excel sheet of names to multiple dealers. Each bank's sales dealer will go to 10 or 12 traders to price the list, which might contain up to 200 credits from various sectors and
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