Banks widen Trac-x ownership
Concerned about recent gains made by rival iBoxx, Trac-x co-owners JPMorgan and Morgan Stanley have sold a stake in the index to Mark-it Partners in advance of possible consolidation in the market
JPMorgan and Morgan Stanley have sold a minority stake in Trac-x to independent information provider Mark-it Partners for an undisclosed sum. Mark-it, which collates and sells corporate bond, credit default swap and loan pricing information, is jointly owned by 13 banks.
As a result of the sale, Trac-x indirectly expands the number of firms that own a stake in the index. This is likely to have been part of the motivation behind JPMorgan and Morgan Stanley’s keenness to sell the stake: the banks
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