Multiple Lawsuits Dropped Against Cawley, Founder of Credit Derivative Broker IDX Capital

NEW YORK, Oct. 5 /PRNewswire/ -- IDX Capital, an electronic interdealer for credit derivatives, today confirmed that Phoenix Partners founders, Wesley Wang, Marcos Brodsky and Nicholas Stephan have dropped their lawsuits against IDX Capital's principal, James Cawley.

"As people know, the allegations made against me in the two lawsuits were cruel, unsubstantiated, and without merit.  The court recognized this by throwing out the core allegations over a year ago.  I'm encouraged that Messrs. Wang, Stephan and Brodsky have now decided drop the remainder of the lawsuits and move on," Cawley said.

Mr. Cawley is a recognized authority on credit derivative market structure issues including counterparty risk mitigation, regulation and execution transparency. He is a founder of the Swaps and Derivatives Market Association (www.thesdma.org) an industry trade group with over 20+ dealer and clearing broker members that advocate open access and transparency in centrally cleared interest rate swap and credit derivative markets.

He has been a key note speaker at several industry conferences and has been quoted in numerous publications including The New York Times, The International Herald Tribune, Fortune, Business Week, thestreet.com, CBNC, Bloomberg, and Creditflux. Mr. Cawley has also made several appearances on television, including CBS Nightly News, Bloomberg & FOX Business News.

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 IDX press contact: Cheetah Wilson 212-779-1612

SOURCE IDX Capital, LLC