*New Service Signals Growing Commitment to Standardization*
* In CDS Trading by Buy-Side *
T-Zero today announced that its first client has gone live using the T-Zero Platform for Prime Brokered trades, marking a major milestone in CDS straight through processing. Ilex Asset Management has submitted its first trades through T-Zero, using JPMorgan as the derivatives Prime Broker.
JPMorgan, a global leader in the credit derivatives market and in derivatives Prime Brokerage, along with other major dealers, has worked closely with T-Zero and its clients to ensure that the Prime Brokerage service addresses the needs of the derivatives Prime Brokerage market.
The T-Zero service is uniquely placed to facilitate prime brokerage through its agnostic connectivity to other vendors and downstream providers such as the DTCC Deriv/SERV, GlobeOp, Calypso and Thunderhead.
In addition, the availability of T-Zeroâs services through the Bloomberg PROFESSIONAL terminal removes barriers for adoption and ensures the entire market can take advantage of T-Zeroâs workflow and real-time messaging platform.
âT-Zero's trade capture and connectivity platform incorporates market leading affirmation workflow to ensure trade accuracy, and has a unique business model ensuring maximum leverage of the trade data downstream,â
said Mark Beeston, President of T-Zero. âT-Zeroâs Prime Brokerage service makes it very easy for clients to communicate trades in a very quick and standardised format.â
Stephanie Ercegovic, Global Head of Prime Brokerage at JPMorgan, said, âThe use of T-Zeroâs Prime Brokerage platform marks a continuation of the move towards hedge funds adopting a standardised approach to trading credit derivatives. T-Zero is a powerful platform for CDS Prime Brokerage, giving clients an easy tool for communication and confirming trades, while making the give-up process much easier and more standardised for the brokers with whom they deal.â
âT-Zero facilitates Prime Brokerage through its unique combination of market connectivity and affirmation technology that fully leverages all downstream channels,â said Gareth Roblin of Ilex Asset Management. âWe have worked closely with JPMorgan and T-Zero to ensure that T-Zeroâs Prime Brokerage service reflects the needs and standards required by the market.â
T-Zero, whose approach to electronic connectivity and messaging addresses the inefficiencies cited by regulators over the past year, is increasingly growing its user base to include more inter-dealer brokers, buy-side firms, prime brokers and service providers. The firm estimates it now has 80 buy-side firms on the service with projections of reaching more than 100 in the near future.