Creditex buys stake in TSI

Electronic broker Creditex has bought a minority interest in New York-based syndicated loan settlement platform TSI.The size of the stake was undisclosed. TSI currently operates largely in the US, but is planning to extend its services to Europe later this year. As part of the deal, TSI will align itself with Creditex's credit derivatives trade processing platform T-Zero. The two firms say they will work together to provide integrated post-trade processing of loan credit derivatives.Pat Lore