Creditex is to spin out T-Zero for credit derivatives.

Creditex claims leadership in the market for electronic trading of credit derivatives. The company is spinning out a new start-up platform, T-Zero.

Three challenges needed to be met, in the trading of credit derivatives according to Creditex:- lack of robust standardized electronic messaging between market participants; deficient system-to-system connectivity between counterparties; standardized workflow.

"T-Zero is designed to dramatically accelerate the industry's movement toward automation and will allow market participants to achieve trade data messaging and connectivity at a fraction of the current time and cost", stated Sunil Hirani, CEO of the holding company.

The company believes that the new platform meets the challenges outlined above.

In effect, T-Zero will capture and re-direct all trade details, assignments, allocations and other relevant trade details.

The spun-out company along with Creditex will be owned by as yet unnamed holding company. Mark Beesto, lately of Deutsche Bank, will be President of T-Zero.

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