Creditex launches trading system for CDS portfolios
Q-Wixx, the US credit derivatives technology company, has conducted its first electronic trade of a bundle of credit default swap (CDS) contacts.
Q-Wixx said the trade involved four dealers - Credit Suisse, Deutsche Bank, Goldman Sachs and JP Morgan - and the credit-focused hedge fund Cairn Capital. The portfolio included 131 north American and European names, totalling $1 billion and €500 million respectively, and was executed in 10 minutes, using T-Zero straight-through processing.
The company
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