A system and method for facilitating trading of credit derivative products is provided. Each of the credit derivative products includes a fixed premium to be paid by a buyer to a seller on a predetermined periodic basis. For a given credit derivative product, an amount of the fixed premium may or may not be equal to a credit default swap par rate. When at least two of the credit derivative products have an identical underlying reference entity, an identical maturity date, and an identical fixed premium, the two products are consolidated into a single combined position. For a given credit derivative product, an amount of the fixed premium may be expressed either in basis points per annum or in cash value, or in any other format that can be understood by market participants. The fixed premium may be paid on a daily basis or on a quarterly basis, or on any other predetermined periodic basis.