This milestone transaction took 10 minutes to execute on the Q-Wixx platform; in the past, such a transaction would have required significantly more time. The shortened timeframe is said to have resulted in greatly reduced market risk to the participants.
The inaugural beta trade on the Q-Wixx platform was done in conjunction with four major global credit derivatives dealers: Goldman Sachs, JPMorgan, Deutsche Bank and Credit Suisse, along with Cairn Capital, one of the leading credit hedge funds.
Q-Wixx was incubated and developed by Creditex Group, the leading electronic and hybrid marketplace for credit derivatives in the dealer community, and is being spun off into a separate, independently managed entity.
In an industry experiencing exponential growth and considerable regulatory focus, the platform represents much-needed certainty of execution, automation, operational benefits, as well as time and costs savings, its creator claims.
Duncan Needham of Cairn Capital said, Q-Wixx allows us to enhance returns for our investors while reducing operational risks. It is nothing short of an iPod for the credit markets. We have seen the future and it works.
Q-Wixx is expected to be in beta mode until January 2007, at which time a formal global launch is planned.
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