CREDITEX AND MARKIT ANNOUNCE RESULTS OF DURA CREDIT EVENT FIXING FOR DEFAULTED BONDS

London/New York, November 28, 2006 – Creditex Group Inc. (“Creditex”) and Markit Group Limited (“Markit”), in partnership with 12 major credit derivative dealers, have successfully conducted two Credit Event Fixings today to generate cash settlement prices for senior and subordinated contracts referencing the defaulted bonds of Dura Operating Corporation.  

Dura, an auto parts supply company, filed for bankruptcy on October 30, 2006, and is included in various credit derivative indices, including those published by Dow Jones CDX and TRAC-X.  At 2:00pm EST, the final price was fixed at 3.5% for subordinated bonds and at 2:30pm EST, the final price was fixed at 24.125% for senior bonds.

The Credit Event Fixings are being used as part of the 2006 Dura CDS Protocol, which is the first protocol published by the International Swaps and Derivatives Association (ISDA) that permits cash settlement of single name credit default swaps (CDS) and CDS index trades as well as other credit derivative transactions such as index tranches, bespoke CDOs, constant maturity CDS, recovery locks, credit swaptions (single name and index) and n^th to default baskets.  The protocol was developed by ISDA in consultation with dealers and the broader market.  Previous ad hoc protocols have only enabled cash settlement of index trades and tranches.

The fixings methodology is substantially similar to that used for the Dana Corporation fixing, but has more significance since it can be used to cash settle a far broader range of instruments.   

The Credit Event Fixings are designed to ensure a transparent and fair process which is representative of the trading market level.  Creditex provides the electronic platform for the operation of the fixings.  Markit verifies the inputs and outputs to guarantee the integrity of the fixings, and then publishes the results on a freely available web page, www.creditfixings.com.

Dura marks the seventh corporation for which a Credit Event Fixing has been held.  Previous Fixings were held for Collins & Aikman, Delta Air Lines, Northwest Airlines, Delphi Corporation, Calpine Corporation and Dana Corporation.

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About Creditex

Creditex Group is the global leader and innovator in electronic and voice execution in the credit derivatives markets  From offices in New York, New Jersey, Singapore and London, the firm provides the full breadth of transactions services in CDS indices, index tranches, single name CDS as well as structured products. A pioneer in bringing many new initiatives to the marketplace, Creditex led the way in e-trading and in automating the execution and processing of CDS transactions, including straight through processing.  The platform, which is set to surpass $2 trillion in notional value of CDS transactions this year, is used by more than 800 traders at the world’s largest financial institutions. In 2005, Creditex and Markit 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. In November 2006, the firm expanded substantially by combining its business with that of CreditTrade, a leading inter-dealer broker.

Creditex has consistently earned accolades in leading financial media and business rankings including Credit, Euromoney, Forbes, Institutional Investor, Risk and IFR.  Most recently, the firm was named to Deloitte New York Technology Fast 50, a ranking of the fastest growing companies in NYC as compiled by Deloitte & Touche USA.  Last year, it won the IFR Innovation of the Year Award for pioneering the Credit Event Fixings, Creditex's technology continues to set the standard for innovation in the credit derivatives market, and its highly experienced staff is committed to delivering best-in-class client service.