Bank of America, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, and J.P. Morgan Chase have invested in a trading platform put forth by LoanX, Inc. The platform is expected to launch before year-end and will give buyers and sellers of syndicated loans electronic access to information about credits and the ability to execute trades electronically. "Loans are one of the most opaque products in the capital markets, so any development to shed additional light on it is appreciated," said Michael Zupon, managing director at Carlyle Group, in support of the new platform. Clay Desjardine, head of sales and trading at Deutsche Bank, said the main objective is to provide more liquidity and transparancy to the market. Michael Rushmore, ceo, also co-founded Creditex, Inc., an electronic platform for trading credit derivatives.
New Trading Platform Launches