Sunil Hirani, a derivatives trading pioneer and former Creditex co-founder, is rolling out a new venture to support the transfer of interest-rate swap business onto the screen from the telephone, The Wall Street Journal reports. Hirani’s New York-based start-up trueSEF has appointed nearly 20 employees, including former Creditex engineer James Miller as chief technology officer.
Hirani, who in July secured a round of outside investment for his firm, is in talks with investors for getting additional funding for trueSEF. The venture will start trading services early next year. It will offer a fully automated trading environment for rate swaps and cheaper trading fees than those charged by interdealer brokers.
Click here for the story from The Wall Street Journal.