CreditTrade to expand coverage with $8 million venture capital

CreditTrade is currently active in asset swaps, credit derivatives, loans and structured products. Paul Ellis, CreditTrade's London-based chief executive, said it was too early to elaborate further on the new instruments it would include in its expanded service.

There are also a number of new data products in the pipeline, CreditTrade claimed. Last month, Bobby Console-Verma, CreditTrade's London-based head of credit arbitrage products, told RiskNews that CreditTrade is developing an algorithm to price options on credit default swaps for 20-25 European corporate credits. The system should be live by the third quarter, after it is prototyped with several key dealers.

Backers in the latest round of investment include European venture capital firm Favonius Ventures, Richard Fisher – the chairman emeritus of Morgan Stanley - and Pennsylvania-based e-commerce specialist Internet Capital Group.

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