Creditex and CreditTrade merge

Inter-dealer credit derivatives brokers Creditex and CreditTrade are to merge, both firms announced today. Bringing together Creditex’s expertise in electronic broking and CreditTrade’s voice broking business, the move will create a hybrid brokerage business to challenge larger rivals GFI Group and Icap.

Together Creditex and CreditTrade broker about 10% of the credit derivatives market, which stood at $17 trillion in notional outstanding volume at the end of 2005.

With little geographic or prod

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