July 2007
Credit derivatives: Q-WIXX ready for takeoff
by Alex Chambers and Jethro Wookey
The buzz surrounding the launch of the new Q-WIXX CDS trading platform suggests that it is one of the most eagerly awaited, and supported, product launches in years.
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"We will look back at the old system and wonder how we ever put up with it"
Simon Morris, Goldman Sachs |
The platform, which enables trading of large portfolios of single-name CDS, was enthusiastically presented early last month as a solution to the growing logistical problems of the burgeoning credit derivatives market.
"Volumes have been growing in the credit derivatives market at a rate of 50% a year," says Derek Smith, head of flow credit trading for Deutsche Bank. "Nothing suggests we are approaching a slowdown in this growth."
At the time of launch, seven leading banks had signed up to the system: BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan,...
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