The software company Savvysoft has launched a free Web site that provides implied default rates for credit derivatives in industries including financial services, manufacturing, and utilities.

The site,, is updated daily by Savvysoft's Tops 2000 credit software, which provides credit derivatives valuation, using data on more than 2,500 corporate bonds from live broker quotes.

Rich Tanenbaum, founder of Savvysoft and the former head of derivatives research at Bankers Trust, said he expects credit derivatives traders, salespeople, credit analysts, bank loan officers, rating agencies, equity analysts, risk managers, insurance companies, reinsurance companies, bond portfolio managers, and hedge fund managers to use the service.

Roman Igolnikov, head of Deloitte & Touche's financial instruments pricing center in New York, has tested Savvysoft's service. "Now we don't have to rely on our clients for that data, which was always a potential problem in an audit," he said.

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