Creditex To Spin Out T-Zero
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Creditex is to spin out T-Zero for credit derivatives. Creditex claims leadership in the market for electronic trading of credit derivatives. The company is spinning out a new start-up platform, T-Zero. Three challenges needed to be met, in the trading of credit derivatives according to Creditex:- lack of robust standardized electronic messaging between market participants; deficient system-to-system connectivity between counterparties; standardized workflow. "T-Zero is designed to dramatically accelerate the industry's movement toward automation and will allow market participants to achieve trade data messaging and connectivity at a fraction of the current time and cost", stated Sunil Hirani, CEO of the holding company. The company believes that the new platform meets the challenges outlined above. In effect, T-Zero will capture and re-direct all trade details, assignments, allocations and other relevant trade details. The spun-out company along with Creditex will be owned by as yet unnamed holding company. Mark Beesto, lately of Deutsche Bank, will be President of T-Zero.
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