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Creditex Moves Into High-Yield

Credit derivative broker creditex has hired Frank Sweeney, high-yield bond broker at ICAP in London, to spearhead the firm's push into the high-yield credit derivatives market.

The move is part of the brokers strategy to move into other areas of the single-name and structured credit derivatives arenas, according to an official. Derivatives houses have been pushing into the high-yield market because of the collapse in investment-grade spreads so it is a logical step for a broker to do the same, said one credit trader.

Sweeney reports to Greg Schinik, head of the flow desk at creditex in London.

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