IDX Capital is a fast growing Inter-Dealer Broker (IDB) of Credit Default Swaps (CDS) operating in the over the counter market and catering to the world's premier financial institutions. IDX currently services the New York market place with plans to expand into the European and Asian Markets. IDX is licensed by the FINRA through its subsidiary to act as an agent - matching market dealers in the wholesale market - for a fee. http://www.idxcap.com NEW YORK, Aug. 3 /PRNewswire/ -- IDX Capital, an electronic interdealer marketplace for credit derivatives, today confirmed a record second quarter and issued a statement commenting on recent market developments. Founder and CEO Jamie Cawley confirmed that IDX has grown revenue 60% quarter-over-quarter and projects a similar pace for the quarter ending in September. "Our solid performance is consistent with meeting the needs of our clients. We are working to exceed the expectations of our shareholders and employees in this fast changing environment. We believe such dislocation breeds opportunity." Over the last six months, the firm has hired aggressively on its Investment Grade and High Yield Credit Derivatives Desk as well as in its trading infrastructure and application management groups. The company's flagship offering, IDX Live, is a java-based central limit order book trading platform for the interdealer market. The firm expects its growth to continue into second half of the year as its franchises in single name CDS, loan CDS, hybrids, and corporate bonds continue to grow. "IDX Capital has been a longstanding proponent of using technology to promote transparency and lower transaction costs," Cawley added. "Our client's responsive to these values is clearly reflected in our record performance year-to-date." As public outcry for change catalyzes regulatory reform, IDX has been at the forefront of market participants working to modernize the CDS trading ecosystem and mitigate systemic risk. Launched in 2006, IDX Capital, LLC is an interdealer trading platform for credit default swaps matching buyers and sellers for a fee. IDX Capital has been a long-time pioneer of electronic trading, transparency and market-stabilizing initiatives in the credit default swaps space. For more information please contact: Alexander Harrison, Managing Director, IDX Capital, 212-779-1612 http://www.idxcap.com/IDXPressReleaseDetail.asp?id=41 NEW YORK (Reuters) - Efforts to limit speculation with credit default swaps may be ineffective as the large dealers that account for the vast majority of volumes in the market are likely to be exempt from any ban. U.S. House of Representatives Democrats said in a draft reform bill that lawmakers will consider prohibiting the speculative use of CDSs, with certain exceptions, or require that market participants report all speculative positions to a regulator, who would have the option to limit or ban use of the contracts. The proposals are part of efforts to shine more light on the opaque, privately traded derivatives markets and reduce systemic risks associated with contracts including CDSs. Companies including American International Group (AIG.N) used CDSs to take outsized exposures to risky debt, which led to a government bailout for AIG. However, "the exceptions cited under the mandatory exchange/clearing rule and speculation rule tell me the market itself will largely continue on as it has in the past," said Kevin McPartland, senior analyst at New York-based research and consulting firm TABB Group. "Mandatory clearing and banned naked CDS make good headlines, but the details show neither will really be the case," he said. CDSs are deemed "naked" when a buyer of protection does not also own the debt underlying the contract. Proposed reforms also include moving "standardized" derivatives to central clearing and exchange trading, and imposing new reporting and higher capital requirements for all trades. Analysts and market participants have criticized calls to limit speculation in CDSs, arguing that the move would dry up liquidity, in turn making it harder and more expensive for bondholders to hedge their positions. "The other side of a hedge position is speculators, and so if you remove the 'speculative' aspect of it then hedgers might be out of luck," said John Jay, senior analyst at Boston-based Aite Group. Congress is considering exceptions to any ban including if a party is "a bona fide market maker," or "has a qualified economic interest that is protected by the contract," according to a document obtained by Reuters on Monday. This may excuse the majority of the market. Dealers account for almost $24 trillion of the $26.6 trillion in gross CDS volumes, according to data by the Depository Trust and Clearing Corp. "There is a necessity to mitigate the systemic risk inherent in a bilateral world of CDS contracts and therefore move them into a centrally cleared environment," said Jamie Cawley, chief executive at interdealer CDS broker IDX Capital in New York. However, "I fail to see how the banning of naked contracts is going to help the systemic risk issue," he said. Regulators have cited concerns that speculators used CDSs to take short positions in banks, and that price moves in the contracts pushed down their stock prices, exacerbating concerns over their financial health. Reporting requirements and regulation, however, would give insight to any market manipulation, without the negative effects of a ban, analysts said. "It probably is a fair statement to say that there probably was this type of tactic employed, but it's one of those types of instances where I wonder if the exception might be applied in a blanket manner inappropriately," said Aite Group's Jay. "Just because you short the stock it doesn't necessarily have to go in your favor so anybody employing such a strategy is not ensured of profitability," he said. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=42 NEW YORK -- IDX Capital, an electronic interdealer marketplace for credit derivatives, issued the following statement today by its Chief Executive Officer, Jamie Cawley, in response to the Obama Administration's call for financial regulatory reform entitled: "A New Foundation: Rebuilding Financial Supervision and Regulation." "We applaud the Obama Administration's initial efforts to reform the credit derivatives marketplace. The proposal's framework is consistent with IDX's emphasis on transparency, risk mitigation and electronic trading within the interdealer marketplace - ideals by which we have grown our business since inception in 2006. As a wholesale 'regulated transparent electronic trade execution system for OTC derivatives,' IDX is clearinghouse-agnostic and actively working with CCPs to clear credit default swaps with proper margining, capital allocation systems and real time risk management tools. On March 23, 2009, IDX submitted an open letter to the Securities and Exchange Commission, which called for the widespread deployment of central counterparties, and we laud the administration's efforts in concert with our own position." Cawley went on to observe that, "We are proactively working with regulatory authorities to mitigate the threat of systemic risk and universalize transparent CDS market structure initiatives. The Administration's call for expanding central counterparties via multiple open clearinghouses is the right centerpiece for a regulatory overhaul." Regarding federal agency oversight, Cawley commented that, "We already work closely with our regulators at the SEC and FINRA, and will build a similar collaborative effort with the CFTC as per the administration's guidance. Streamlining and centralizing oversight is good for the market. Building an open central repository for trade reporting and market data is also good for the market." As an electronic trading platform, IDX is well positioned to benefit from the CDS market structure evolution being catalyzed by the government, institutional investor community and public sentiment. Launched in 2006, IDX Capital, LLC is an interdealer broker of credit default swaps matching buyers and sellers for a fee. IDX Capital has been a long-time pioneer of electronic trading, transparency and market-stabilizing initiatives in the credit default swaps space. CONTACT: Alexander Harrison of IDX, +1-212-779-1612, aharrison@idxcap.com http://www.idxcap.com/IDXPressReleaseDetail.asp?id=36 New York, NY - IDX Capital, a market leader in electronic trading of credit default swaps, announced today that it has submitted a petition to the SEC regarding central clearing and regulation of credit derivatives. Industry spokesman and IDX Capital CEO Jamie Cawley wrote the letter and commented "we have been an outspoken proponent of regulatory oversight and execution transparency since our founding in 2006. We strongly support the SEC's recent efforts to promote central counterparty clearing of credit default swaps." Cawley's letter was in response to the SEC's File Number S7-02-09, "Temporary Exemptions for Eligible Credit Default Swaps to Facilitate Operation of Central Counterparties to Clear and Settle Credit Default Swaps." The SEC File can be viewed at http://www.sec.gov/rules/interim-final-temp.shtml and the IDX letter is available for download at http://www.idxcap.com. "From public outcry over compensation in AIG's Financial Products Group to calls for legislative action in Washington to recent efforts to open clearinghouses for CDS, the message is clear: we must reform the way credit derivatives are traded and we must do it now," states the IDX chief executive. "I call on other market participants to embrace a dialogue with regulators and at the same time, to embrace the electronification of this asset class so that we can prevent future events that threaten systemic risk." The firm's proprietary technology platform, IDX Live, is an order driven, java-based electronic trading platform with full straight through processing (STP) capabilities and a transparent order book. Cawley's letter expounds on the need for transparency in the credit derivatives asset classes as well as the benefits of openness and fair dealing. He explains how the current market structure of bilateral counterparty risk relationships is dangerous as highlighted by the corporate and counterparty defaults of late 2008. This can be ameliorated by the deployment and-more importantly-the adoption of central counterparties (CCPs) that are open for market participants across the spectrum regardless of size, according to IDX. Launched in late 2005, IDX Capital, LLC is an independent, rapidly growing electronic interdealer broker of credit default swaps matching buyers and sellers for a fee. IDX Capital has been a long time pioneer of electronic trading, transparency and market-stabilizing initiatives in the credit default swaps space. To view the IDX Letter to the SEC, click: http://www.idxcap.com/IDXPressReleaseDetail.asp?id=32 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, announced today that it has closed out a record month in January. The firm's January revenues mark the highest one-month figure in IDX's short history. That figure represents double digit growth over December 2008 revenues, a topline number which had already confirmed a strong finish to a volatile year. IDX is a profitable, rapidly growing company. "Despite extreme dislocation in the credit markets, we continue to execute on our growth plan at present," noted Jamie Cawley, CEO of IDX Capital. "As the market structure in credit default swaps continues to evolve, we have responded strategically to meet the needs of our clients. "Booking the single largest month in IDX Capital's history, after a robust December, is evidence of that focus," observed Cawley. This announcement comes on the heels of IDX relocating to larger office space and the hiring of several new brokers as well as two Managing Directors, late last year. "This is an exciting time for the firm, and January's results are indicative of how my desk is approaching this year," said Brady Halper, a Managing Director on the Investment Grade and High Yield Credit Derivatives Desk. Halper also noted the recent hiring of Greg Pasciucco, who joins the brokerage team from MarketAxess, an electronic trading platform for fixed income products. Launched in late 2005, IDX Capital, LLC is an interdealer broker of credit default swaps matching buyers and sellers for a fee. IDX Capital has been a long time pioneer of electronic trading, transparency and market-stabilizing initiatives in the credit default swaps space. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=28 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, announced today that it has relocated to 432 Park Avenue, New York City. The new location is more than twice the size of the firm's previous space and will house the firm's burgeoning trading operations and staff. IDX Capital is a profitable, rapidly growing firm. "New York City's financial services industry may be grappling with systematic upheaval, however we are continuing to hire and needed larger offices," noted Jamie Cawley, CEO. "We found the new space in concert with recruiting two senior executives, Brady Halper and Alexander Harrison, to support our growth." The firm's offices on Park Avenue will house its voice brokerage trading floor as well as IDX's electronic execution platform facility. Launched in 2005, IDX Capital, LLC is an interdealer broker of credit default swaps matching wholesale market buyers and sellers for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in the credit default swaps space. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=19 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, welcomes two new hires to its New York City office - Brady Halper - who will be running the firm's trading operations, and Ryan Olsen, assigned to its investment grade and high yield credit derivatives desk. "We are delighted to be welcoming Brady Halper back to IDX Capital in a senior leadership position," says Jamie Cawley, CEO of IDX. Halper had worked at the firm in 2006, and most recently ran MF Global's New York CDS brokerage operations. He has also held leadership positions with Cantor-Fitzgerald in emerging markets credit trading and helped build out Asian fixed income brokerage operations for GFI and ICAP. "IDX is in a period of rapid growth, and Brady's experience in the market and existing relationship with us will be instrumental to our success," notes Cawley. "The CDS space is in a period of dynamic transformation, and I am excited to be returning to IDX and contributing to the business during this crucial time," commented Halper. The firm also welcomes Ryan Olsen to the trading desk. Olsen previously traded single-name CDS, structured credit and index derivatives at both ICAP and GFI. He began his career at Standard and Poors, focusing on primary research for buyside clients. Olsen graduated from Williams College with a BA in Psychology and was a four-year varsity soccer player, with All New England, NESCAC and NSCAA All-American honors. Launched in 2005, IDX Capital, LLC is an interdealer broker of credit default swaps matching wholesale market buyers and sellers for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in the credit default swaps space. The firm is growing and profitable. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=20 NEW YORK, PR Newswire -- IDX Capital, an interdealer broker of credit default swaps, issued the following statement on the current debate to institute certain reforms to the credit default swap (CDS) market. Jamie Cawley, CEO of IDX Capital, stated, "IDX stands ready to fully embrace any market led effort that would result in greater liquidity, enhanced stability and increased trading transparency in the credit derivative marketplace. To achieve this goal, IDX commits to supports live screens, centralized clearing and thoroughly crafted regulatory policies. "Live screens and real-time pricing would bring immediate benefits to the New York CDS marketplace. They deliver unparalleled transparency as prices and trades can be disseminated instantly and equally to all market participants. In addition, they ensure client confidentiality, fair dealing and optimal execution as 'one size fits all'. "By eradicating trade 'double entry', live screens also streamline and automate the settlement of trades, an issue that has until recently plagued our market and hampered its evolution." In a Greenwich Associates study conducted in August, over 75% of institutional respondents agreed that the counterparty risk issue in the credit default swap market is the single largest threat to the stability of global financial markets. Recent events and the current financial crisis would certainly support this belief. In response, IDX Capital stands ready to embrace and work with any inclusive and properly capitalized CDS central clearing initiative that mitigates counterparty risk and better facilitates market liquidity. Mr. Cawley concluded, "Our market must accept regulation. Well thought out and mitered regulation can only further legitimize our market, ensure fair dealing and help us to deliver greater transparency. IDX Capital stands ready to proactively work with regulatory entities in this country and others, trade associations, and market participants to ensure that any such regulatory proposal both properly balances the market need with the public good." The "Take Yourself Out"- Challenge: IDX Capital stands ready to distribute its electronic trading system, IDX Live, in conjunction with a 70-85% Brokerage Cut of $50 per MM on an 'Aggressor Only' basis to help jump start New York' move to live screens, greater liquidity and lower transaction costs. Launched in 2005, IDX Capital, LLC is an inter dealer broker of credit default swaps matching wholesale market buyers and seller for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in credit default swap space. IDX Capital does not hold carry customer accounts, nor do customers rely on its balance sheet for the 'name give up' business that it transacts. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=29 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, welcomes two new senior hires to its New York City offices - Alexander Harrison, a business strategy manager, and Devin Armstrong - assigned to its investment grade and high yield credit derivative desk. Alexander Harrison spent the last six years as a venture capitalist focusing on the financial technology sector, most recently as a Vice President at FTVentures in New York City. He joins IDX as a Managing Director. "We have known Alexander for a number of years now, and are delighted to be welcoming him to the management team at IDX", noted Cawley. Alexander was previously at Sequoia Capital, Summit Partners and Goldman Sachs. "Jamie Cawley is a thought leader in the CDS space. It has been a privilege to get to know him and his team as IDX has navigated the transformation of OTC market structure in recent years, and I look forward to contributing now as part of the firm," observed Alexander. "Devin has a proven career in sales and electronic trading. He is skilled at managing client relationships, is a forward thinker and we expect he will be a valuable asset to the team. We are pleased to be working with him," says Jamie Cawley, CEO of IDX. Devin formerly worked at Sanford C. Bernstein and Co., where he was an associate in the Private Wealth Management group. Devin graduated from Georgetown University with a BA in Psychology and Government. "I am excited to be joining this very talented group of traders and technologists during a critical time for the derivatives markets," commented Devin Armstrong. Launched in late 2005, IDX Capital, LLC is a profitable, rapidly growing interdealer broker of credit default swaps matching wholesale market buyers and sellers for a fee. IDX Capital has been a long time market pioneer of electronic trading initiatives in the credit default swaps space. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=21 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, welcomes Robert Wellner and Peter Capernaros as Vice Presidents assigned to its Investment Grade and High Yield Credit Derivatives desk. "Robert and Peter have proven careers in institutional sales and entrepreneurship. They are both forward thinkers and we expect they will be a valuable asset to the team. We are excited to be working with them both," says James Cawley CEO. Robert formerly worked at Merrill Lynch where he worked as an associate in High Yield and Distressed fixed income sales for several years. Previously, Robert worked for iSyndicate in San Francisco and Salomon Smith Barney in New York. Robert graduated from Colgate University with a Bachelor of Arts in History. Robert also played Division One Men's Lacrosse at the university. Peter's background and experience consists of high yield sales and trading at Miller Tabak and Roberts. In addition, Peter was involved in equity trading for several years on the floor of the New York Stock Exchange for Royal Bank of Canada and Levine Securities. Peter graduated with a BS in Finance from Arizona State University and also holds an MBA from Fordham University in accounting. http://www.idxcap.com/IDXPressReleaseDetail.asp?id=22 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives, operating in the over-the-counter market, announced today that it made additional hires to it's New York operations. IDX Capital hired Edwin Rodriguez as its COO, a 15 year veteran of JPMorgan Chase and Chris Houchins from UBS Wealth Management to its CDS Broking Desk. At JPMorgan, Mr. Rodriguez was a Vice President of Credit and Commercial Banking responsible for commercial credit, securities operations, and small business compliance. He held that position for three years. Mr. Rodriguez also led managed 24 securities professionals focused on small and middle tier NY based investment and cash management accounts. From 1998 to 2002, Mr. Rodriguez was a regional securities compliance director for JP Morgan in New York City and Long Island where he oversaw 180 NASD registered representatives. At Chemical Bank, Mr. Rodriguez also helped develop the institution's new insurance products franchise for small business, during which he managed 90 insurance sales professionals. Chris Houchins joins IDX Capital from UBS Wealth Management. Mr. Houchins was an Associate responsible for new client development, trade operations and analytics. Mr. Houchins graduated from Rider University with Cum Laude distinction in 2005. James Cawley, Chief Executive Officer, said "We welcome both Ed and Chris to the team and are excited to work with them as we continue to service the needs of our client base in this dynamic and fast growing environment." http://www.idxcap.com/IDXPressReleaseDetail.asp?id=23 NEW YORK -- IDX Capital, an electronic interdealer broker of credit derivatives operating in the over-the-counter market, announced today it received approval from the NASD to complete its acquisition of IDX Derivatives, LLC, an NASD member firm. James Cawley, Chief Executive Officer, said "We are excited to complete our acquisition of IDX Derivatives, LLC. Such a transaction will also allow us to better serve the needs of our clients in an ever competitive landscape." Launched in December 2005, IDX Capital was the first interdealer broker of credit derivatives swaps to offer a hybrid screen/phone-based trading platform in conjunction with an "aggressor-only" brokerage. Mr. Cawley noted, "In only three months, we have seen significant acceptance of our platform from our clients who are now benefiting from lower transaction costs. We expect the trend to continue as we continue to take market share." http://www.idxcap.com/IDXPressReleaseDetail.asp?id=24