Industry Platform of the Year - Markit/Creditex Portfolio Compression Platform

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Among the many fires the industry fought over the past year was the attempt to bring the perceived systemic risk posed by credit derivatives under control. The credit default swap (CDS) market has grown exponentially in recent years, with notional outstanding reaching $54.6 trillion by June 30, 2008, according to the International Swaps and Derivatives Association. But while notional volumes have expanded rapidly, the infrastructure to process CDS trades was left way behind.

Regulators have been