Tradeable Credit Fixings
Credit Event Fixings
Credit Fixings
Innovation of the Year

Creditex and Markit Win 2005 IFR Award for Innovation of the Year for Developing Credit Event Fixings

London and New York, 21 December 2005 - Markit Group Limited ("Markit"), the leading industry source of independent mark-to-market pricing, valuations, dividend forecasting and index services, and Creditex Inc. ("Creditex"), the global market leader in e-trading of credit derivatives, are pleased to announce they have won the International Financing Review ("IFR") Innovation of the Year Award for developing the Credit Event Fixings.

The Credit Event Fixings are an initiative run by Creditex and Markit, in close cooperation with major credit derivatives dealers. The Fixings are designed to ensure a fair, efficient and transparent process for settlement of credit derivative trades following a corporate default.

During a Credit Event Fixing, dealers place executable orders on the Creditex platform for obligations of a particular company that has undergone a credit event, such as filing for bankruptcy. A market standard methodology is used to simultaneously execute these orders and generate a final cash settlement price for eligible credit derivative contracts referencing this entity. Markit verifies the integrity of the process and calculates the final price which it publishes to a freely accessible web page located at

This year alone, Credit Event Fixings were held for Collins & Aikman, Delta Air Lines, Northwest Airlines and Delphi. The Credit Event Fixings are an important milestone in the rapidly growing credit derivative market, and pave the way for a more efficient settlement process.

Lance Uggla, CEO of Markit, said: "We are truly delighted to have been awarded IFR's Innovation of the Year. This award recognises the crucial role the Credit Event Fixings have played in helping the credit derivatives market weather the large corporate defaults we've seen in North America this year. The rapid adoption and acceptance of the Fixings is testament to both the growing maturity of the market and the underlying need to aid cash settlement."

Sunil Hirani, CEO of Creditex, said: "The Credit Event Fixings are the result of an unprecedented cooperative effort with the credit derivatives dealer community. We are very pleased to have worked closely with the major banks on this important initiative and we are delighted that it has been recognized as IFR's Innovation of the Year. Credit Event Fixings will continue to play a crucial role in the credit derivatives market going forward."

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For further information, please contact:

Mazy Dar +44 207 400 7383
Annette Bronkesh +1 973 778 8648

Kevin Gould +1 212 931 4901
Teresa Chick +44 (0)20 7890 5094

About Creditex

Creditex is the global market leader in e-trading of credit derivatives. The first e-trading platform in credit derivatives, Creditex is used by more than 800 credit derivatives traders at the world's top financial institutions. The platform has electronically executed over $ 0.5 trillion notional in credit default swap (CDS) indices, single-name CDS and standardized structured credit products. In 2005, Creditex pioneered the first Tradeable Credit Fixings, a milestone in bringing additional confidence and transparency to the market by providing a standard benchmark and settlement rate. The firm is also leading the industry in "straight-through processing" initiatives, allowing its growing client base to reduce operational risk and transaction costs. Having received numerous accolades in leading financial media including Credit, Euromoney, Forbes, Institutional Investor and Risk, Creditex's technology continues to set the standard for innovation in the credit derivatives market.

About Markit

Markit is the benchmark industry source of independent pricing and valuations for the global financial and energy markets. Markit has data contributed by over 50 dealing firms, and its services are used by 400 institutions globally. Areas of product expertise include OTC derivatives (credit, equity, FX, rates, inflation, energy, power, metals and structured products), corporate bonds, syndicated loans, dividend forecasting, and index and ETF management. Markit has most recently brought price transparency to the European asset-backed securities market with the launch of the first independent ABS pricing service. Markit's position in the derivative markets was acknowledged by the industry in 2005, with awards from IFR for Innovation of the Year (Credit Event Fixings); Financial News for Best Derivatives Data Provider; and Institutional Investor's Operations Management for Vendor of the Year (RED). For more information about Markit, see