Creditex offshoot launches credit derivatives portfolio trading system

Creditex is rolling out a new electronic auction system designed to slash the time it takes to trade credit derivatives portfolios. Q-Wixx, which will then be spun off as a separate company, will go live this month following its successful test run by Cairn Capital and four dealers in December.

Cairn traded a $1 billion/EUR500 million portfolio of 131 names in under 10 minutes in the test run; previously the manual process, which would involve presenting the portfolio in spreadsheets to sever

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