A range of potential trade buyers has emerged for fast growing credit derivates broker
Last October, Creditex received inquiries from potential buyers. The company appointed Evercore to handle a possible sale of the business. Now a source familiar with the situation said that a first round of bidding had concluded, with “many of the obvious trade buyers” put forward for the next round. This is expected to conclude towards the end of March.
Likely purchasers could be interdealer brokers such as
One analyst said that Creditex was growing more quickly than quoted competitor
Creditex was set up in 1999 by a former Deutsche Bank trader. Banks are still believed to be invested in the business, including
The credit derivatives market has seen huge volumes in recent months amidst the current market volatility.