IDX Capital In The News

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3.25.2009

Derivatives Broker To Hire For CDS - Derivatives Week

Cawley discusses Hires, Intiatives and the Market ahead
By Katy Burne
IDX Capital, an electronic credit derivatives interdealer broker, is looking to hire two managing directors for its investment-grade credit default swap desk and one associate for high yield CDS. "We're shooting for a May 1 start date [for the hires]," said Jamie Cawley, CEO in New York. All the positions are new.

The company is expecting record first-quarter results, Cawley added, and recently recruited three in anticipation further growth. Greg Pasciucco, an associate in investment grade CDS, joined in February, while Brady Halper and Alexander Harrison both joined as managing directors late last year, from MF Global and Sequoia Capital, respectively.

Last year IDX was in the process of shopping an 80% stake in itself to a consortium of eight dealers-led by Credit Suisse, Morgan Stanley and UBS. The deal would have provided the necessary liquidity for a new trading platform known as V10 Financial. Sequoia had also offered a chunk of capital and was kept in abeyance as term sheets were drawn up. But the venture died on the vine as the banking crisis took hold. Cawley said he has not given up on other projects, declining to disclose specifics.

Today, he wrote to the Securities and Exchange Commission in support of central clearing and regulation of CDS. "We as a market need to come together to be proactive in the discourse and to prevent any overreaction," he told DWO.
http://www.iiderivatives.com/Article.aspx?ArticleID=2167697