Citadel, CME Group to form electronic market for CDS

10/8/2008 | Financial Times (free content)

The CME Group and hedge fund Citadel staked their claim to a piece of the $54 billion credit-derivatives market by announcing that they will launch a credit-derivatives business. The electronic marketplace with central counterparty clearing for credit-default swaps is set to go into operation within 30 days. To sweeten the deal for first-round customers, the two Chicago companies are offering banks and hedge funds that become founding members as much as 30% equity in the venture.

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