Creditex Inc. and CreditTrade, Inc. announced Tuesday that they have agreed to merger their operations, creating a unified firm that both parties say will offer credit derivatives services worldwide.
The new firm, Creditex Group Inc., will have market positions in some of the fastest-growing sectors in the CDS market: European and North American indices, European and North American structured products and positions across single-name sectors and emerging markets globally.
Creditex Group, Inc will have offices in New York, New Jersey, London and Singapore with 225 employees worldwide.
Pending regulatory approval, the merger’s closing is expected to be completed within the next 30 to 60 days.
“By combining the two companies’ complementary strengths, Creditex Group will be best positioned to lead the market in innovation and voice and electronic execution services,” says Sunil Hirani, CEO of Creditex Group Inc.