Electronic derivatives trading platform, creditex, has secured funding from Thomson Financial's venture arm. The new investment follows the successful completion of a third round of financing by creditex last September during which it raised more than $10-million.
As part of the agreement, Thomson Financial will provide registered creditex users with credit and credit derivatives market commentary as well as a full international historical fixed income bond database. Creditex in turn will provide Thomson with information sourced from the online transactions that occur on its site. The companies have also agreed to work together to develop a co-branded Web site designed to offer users access to other Thomson Financial products.
The creditex strategic investor list now numbers 16 institutions and includes JP Morgan Chase and Co., Credit Suisse First Boston, Deutsche Bank, Morgan Stanley Dean Witter and Bank of America.
Nearly 100 institutions currently access to the creditex trading platform representing over 800 traders worldwide. In February, creditex completed the first Internet-based execution of a mezzanine piece of a structured portfolio.