The use of Codefarm's technology is increasing rapidly month-on-month.

With a growing client list that includes Calyon, ING Investment Management, JPMorgan, KBC, Merrill Lynch and UBS to name a few, Galapagos is now the industry-standard for synthetic CDO structuring and management.

Codefarm's customers include most of the top ten investment banks and account for more than 80% of trades by leading portfolio credit swap counterparties*.

With both CDO structuring and management services being delivered as hosted solutions, Codefarm has been able to extend its services to all institutions and boutique operations that include structured credit as part of their offering.

* Source Creditflux, based on notional of name referenced trades for Q3 2007.