Top dealers plot revival of ‘Project Red’

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The backers of ‘Project Red’, a credit derivatives reference entity database set up by Deutsche Bank, Goldman Sachs and JP Morgan Chase to remove some of the basis risk in credit derivatives trading, have conditionally agreed to sell the service to UK credit risk data company Mark-it Partners.

The deal, signed on January 27 at JP Morgan’s Park Avenue offices in New York, means Mark-it will enter a period of exclusive negotiations with Red’s backers to create an open, ‘for-profit’ public utility

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