The merger of credit derivatives indexes in 2004 wasn’t a surprise to anyone involved in the market. Market-makers viewed the mergers that created the Dow Jones iTraxx family of indexes in Europe and Asia, as well as the Dow Jones CDX index group in North America, as the best solution for clients.
Since the merger in April, new clients, who had been waiting for the merger, have taken to the indexes in droves, boosting volumes this year into the trillions of dollars. But the real innovation has
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