Dealers Plot “Project Red” Revival

ORGANIZATION & STRATEGY

The backers of "Project Red," a credit derivatives reference entity database (Red) set up by top dealers Deutsche Bank, Goldman Sachs and JP Morgan to remove basis risk in credit trading, have conditionally agreed to sell the service to UK credit risk data company Mark-it Partners.

The deal, signed last month at JP Morgan’s 270 Park Avenue offices in New York, means Mark-it will enter a period of exclusive negotiations with Project Red’s backers to create an open, "for profit" public utility

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