JP Morgan uses T-Zero for prime brokered CDS

New York-based technology firm T-Zero has announced its prime brokerage electronic affirmation utility has been used by a JP Morgan client for the first time.

Ilex, a UK-based asset management company, submitted credit default swaps using the utility in London. Its straight-through processing allows users to capture and communicate trade data, as well as creating an audit trail to ensure trade details are correct. The company launched its service on Bloomberg in July, which is also available on the electronic trading platforms of Creditex, CreditTrade and BGC Partners.

JP Morgan and Merrill Lynch are the only prime brokers using the utility, although T-Zero says two more are going live soon.

T-Zero was spun off from Creditex, the New York-based electronic derivatives trading platform, last year. Creditex and CreditTrade, the London-based interdealer broker, recently announced plans to merge (See: CreditTrade and Creditex set to merge).