GFI and Icap launch rival tranche fixings

The brokers go up against existing tranche fixings of credit derivatives indices from Creditex and Markit. But mystery surrounds the launch as 'partners' keep mum on their involvement

Interdealer brokers GFI Group and Icap have launched a rival set of month-end fixings for tranches of credit derivatives, taking on the existing fixings conducted by Creditex and Markit Group. However there was an element of mystery hanging over the March 30 launch as the International Index Company, which runs the iTraxx indices on which the new fixings are thought to be based, and Bloomberg, which had been slated to distribute the fixings, declined to comment on their involvement.

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