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T-Zero Names Derivatives Veteran Mark Beeston As President

New Platform to tackle operational, processing challenges of credit derivatives market

London & New York, July 28, 2005 – T-Zero, a start-up platform dedicated to addressing the credit derivatives industry’s need to achieve operational efficiencies, today announced that Mark Beeston will join the firm as President. A veteran derivatives industry professional with substantial experience in global markets, Beeston joins T-Zero as it launches its electronic platform aimed at improving connectivity and messaging in the rapidly growing credit derivatives market.

T-Zero, which has been incubated by Creditex, Inc., is being spun off into a separate, independent entity. A holding company is being created that will own both Creditex and T-Zero.

"We are delighted to have Mark Beeston join T-Zero at this very important juncture in the credit derivatives market," said Sunil Hirani, CEO of the holding company which owns T-Zero. "Given his strong experience and insights into derivatives operations, Mark is uniquely qualified to lead T-Zero in bringing the much-needed solutions to the marketplace. Automation and connectivity are crucial to helping the industry move to the next level of growth."

"I am excited to be part of such an important industry initiative as T-Zero," said Beeston. "The T-Zero platform represents a significant step in the maturation of the credit derivatives market. Attaining operational efficiency is paramount for the credit derivatives market, and T-Zero offers market participants the opportunity to bring significant cost-savings to the operational challenges that the industry is currently facing."

Since 2002, Beeston served as COO for integrated credit trading at Deutsche Bank in London. During this time, the bank’s credit platform expanded substantially and included securitized products, convertibles, credit derivatives and corporate bonds. Beeston was COO for Deutsche Bank’s OTC derivatives business from 2001 to 2002 and, from 1999 to 2001, he served as global head of money market derivatives trading. Beeston joined Deutsche Bank in 1992 and worked on the OTC derivatives desk as a cross-currency trader. He has taken part in numerous industry initiatives and associations including ISDA and DTCC.

"The electronic messaging and connectivity that T-Zero provides is exactly what the market is lacking," said Rajeev Misra, head of global credit trading, Deutsche Bank. "We are very excited at the potential of this platform to reduce operational risk in the credit derivatives market and to provide the scale that will be required to accommodate further growth. We wish Mark the best in his endeavors with T-Zero."