Online fixed income exchange Thomson TradeWeb is launching CreditXpress, a straight-through processing platform for the corporate debt and credit derivatives markets.
CreditXpress will enable participants to process corporate bond and credit default swap trades, including all voice and electronically-executed transactions.
The service will allow users to verify trade details, enable the electronic processing of allocations and deliver trade information to confirmation providers, Omgeo TradeMatch and DTCC's Deriv/SERV.
TradeWeb says it is working with Omgeo to link CreditXpress to Omgeo TradeMatch real-time central trade matching and confirmation system.
Commenting on CreditXpress, Jim Toffey, CEO of Thomson TradeWeb, says: "For some time the industry has been asking for a solution such as CreditXpress. We are delighted that we are now able to offer a cost-effective service like this, which helps all credit market participants reduce trade processing risk, saving time and money."
CreditXpress will be sold separately from TradeWeb's execution services. All dealers and institutional investors will be eligible to join CreditXpress, regardless of whether they have a trading relationship with TradeWeb.
The first phase of CreditXpress will be rolled out in July 2006.
In a separate move, TradeWeb says it will be expanding the use of its FIX protocol messaging solutions - currently available for buy-side customers - to the dealer community.