Creditex and Markit to run CDS tear-up service

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Creditex, a New York-based company specialising in the execution and processing of credit derivatives, and London-based market data provider Markit have launched an industry-wide tear-up service for credit default swaps under the aegis of the International Swaps and Derivatives Association.

Thirteen institutions are expected to take part in the first round of tear-ups in early August, Isda said. The process is intended to reduce the number of outstanding credit derivatives deals, simplifying

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