Q-WIXX® rolls out flagship CDS trading platform
Buy-Side Technology - July 1, 2007

Q-WIXX® is a recently-launched utility that assists buy-side credit trading desks with the processing of credit default swaps. The platform is owned by inter-dealer broker Creditex and has signed up dealers BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Merrill Lynch and UBS to provide liquidity, with four more dealers in the process of joining. Traders are heralding the new platform as a welcome development in the market, according to the story. Previously, buy-side firms have sent CDS lists to contacts at dealing firms in spreadsheets and a person had to price the lists manually. Traders have complained that errors are commonplace as are time delays.

The story quotes Mazy Dar saying, "We have automated the entire trade cycle for CDS lists. The system sends the portfolio out simultaneously to dealers for pricing, returning it to the buy-side firm, having identified best price across the entire portfolio. Within seconds of the fund receiving prices, they can execute on the entire portfolio and all notifications happen electronically."

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