BarCap to make markets in iBoxx and Trac-x
Barclays Capital will start making markets on the iBoxx credit default swap index, and will offer notes linked to the index. It also said it would make markets in the Trac-x range of indexes.
BarCap joins ABN Amro, Citigroup, Deutsche Bank, Dresdner Kleinwort Wasserstein and Société Générale as market makers to the iBoxx family of products. This currently consists of three credit derivatives indexes: the iBoxx Diversified, the iBoxx 100 and the iBoxx Corporate.iBoxx was set up by a consortium of seven banks and the Deutsche Borse, and is in competition with the JP Morgan Chase/Morgan Stanley Trac-x credit derivatives index suite.
BarCap announced its decision to join iBoxx on the same day as it said it was to make markets on the Trac-x index.
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