Phoenix Partners Group opens up ABX Market
Phoenix Partners Group launches its New York asset backed securities index desk
2006.11.30 : New York – Phoenix Partners Group, the New York and London-based credit derivative inter-dealer broker today launched its New York asset backed securities index (ABX) desk which will be broking with its voice over screen hybrid model. Prices are currently published on Bloomberg screens and are expected to be available on Reuters in the near future.
Wesley Wang, one of the founding managing directors of Phoenix Partners Group and a veteran of the credit derivative and emerging markets, is overseeing the desk. Nick Parmar, who also brokes structured credit, is joined by two new hires on the ABX desk: former Citibank (coffee/cocoa/sugar) sales trader, Tim Petrov and Mick Martin who was previously an insurance broker at Marsh & McLennan.
Phoenix Partners Group, which launched in New York in August 2005, rapidly amassed more than 200 brokerage clients focusing on CDS broking. In under a year the company established itself among the top three by volume in New York for Index (1/2), Banks and Fins, Brokers (1), Agencies (1/2), Utilities, Oil & Gas, Grocers and Homebuilders.
Wesley Wang, founding managing director of Phoenix Partners Group, commented, “Phoenix Partners Group is already one of the leading index brokers in New York. We have a proven track record and we are confident our in-depth indices experience can fill a void in the market.”
Nick Stephan, founding managing director and CEO of Phoenix Partners Group, added, “We have a constant eye on new markets to enter where we know we can make an impact and the caliber of hires are a credit to the ground we are making both in New York and London.”
Phoenix Partners Group’s London office, which opened in October 2006, brokers mainstream CDS and specializes in broking niche CDS markets, such as short end. The current focus is on off-the-run high yield as well as some high-grade sectors.