Credit Suisse Launches Electronic Trading of Credit Default Swaps on Bloomberg

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Nov 12, 2010, 11:56 ET

NEW YORK, Nov. 12, 2010 /PRNewswire/ -- Credit Suisse has launched electronic trading of Credit Default Swap (CDS) indices, marking a major step in the evolution of the credit derivatives market. Clients now have the ability to seamlessly execute a fully electronic trade with Credit Suisse's Credit Derivatives Desk from any Bloomberg terminal.

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"Credit Suisse's leadership in establishing an electronic market for CDS is another example of our commitment to electronic trading across fixed income," said Tim O'Hara, Head of Fixed Income for North America and Head of Global Credit Products. "We see this as both the logical next step for CDS and an opportunity to offer our clients an efficient and intelligent new way to trade with Credit Suisse."

The introduction of CDS electronic trading puts Credit Suisse at the cutting edge of today's evolving marketplace. Traditionally, clients had been able to electronically view CDS price levels from a number of dealers, yet it was then necessary to place a phone call or exchange a series of messages in order to execute a trade. Now, for the first time, Credit Suisse is publishing live prices that clients can simply click to launch a trade request. Electronic execution of European CDS indices is currently available via Credit Suisse's Bloomberg CDS trading page, CSDS, with U.S. indices coming soon.

"By driving the growth of electronic execution, Credit Suisse is continuing to innovate in ways that meet our clients' needs and push the market forward," said Eraj Shirvani, Head of Fixed Income for EMEA and Head of the European Credit Business.

Bloomberg's Global Head of Fixed Income Products, Ben Macdonald, said: "Bloomberg welcomes Credit Suisse to the growing pool of dealers who are offering CDS electronic execution over the Bloomberg Professional® service. Bloomberg, the market leader in fixed income electronic trading, is committed to working with its clients in facilitating the growth and transparency of electronic trading in derivatives globally."

Credit Suisse AG

Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,500 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Investment Banking

In its Investment Banking business, Credit Suisse offers securities products and financial advisory services to users and suppliers of capital around the world. Operating in 57 locations across 30 countries, Credit Suisse is active across the full spectrum of financial services products including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.

SOURCE Credit Suisse AG