GFI Group is planning to add credit-default swaps referenced to asset-backed securities, convertible bonds and preferred shares to its online system for credit derivatives trading next year.
Michael Fuhrman, a product market specialist with the broker in New York, said the trading system went live in August and now 80-95 traders are typically logged on from over 20 investment banks, including Merrill Lynch, Barclays and Société Générale. In the U.S., however, dealers have been slower on the uptake with only around 13 dealers using the system.
