T-Zero - the post-trade straight-through processing platform for credit derivatives trades - has processed the first live prime brokered trade for JPMorgan, intermediating between Ilex Asset Management and the US investment bank.
T-Zero - a spin off from credit trading outfit Creditex - says the service can facilitate prime brokerage through its agnostic connectivity to other vendors and downstream providers such as the DTCC Deriv/SERV, GlobeOp, Calypso and Thunderhead.
The first prime brokered trade over the platform was put through by Merrill Lynch.
Mark Beeston, T-Zero president, says: "T-Zero's Prime Brokerage service makes it very easy for clients to communicate trades in a very quick and standardised format."
T-Zero says it worked closely with market participants to ensure that the prime brokerage service addresses the needs of the booming derivatives industry.
Stephanie Ercegovic, global head of prime brokerage at JPMorgan, says: "T-Zero's prime brokerage platform marks a continuation of the move towards hedge funds adopting a standardised approach to trading credit derivatives.
"T-Zero is a powerful platform for CDS prime brokerage, giving clients an easy tool for communication and confirming trades, while making the give-up process much easier and more standardised for the brokers with whom they deal."