Credit derivatives execution and information company Creditex has launched the first electronic platform for trading credit default swap indices, including the rival iBoxx and Trac-X suites.
The platform began live operation this week after pilot trials with a number of London-based liquidity providers. The system allows traders to place live, actionable orders and receive intraday and end-of-day electronic feeds of live index prices as well as trade confirmations.
Tim Frost, head of European trading at JP Morgan says: "The industry will benefit from Creditex's innovation in numerous ways, including cost savings and control improvements that result from the efficiency of automating the trade and post-trade processes."
Creditex's system has been brought to market in advance of a proposed offering from the US' Depository Trust and Clearing Corporation.
Creditex says it will roll out the platform to additional clients in Europe and North America over the coming weeks.