Ice credit swap futures off to a slow start

Credit investors see "no need" for contract; Ice hopes other players will see appeal

New contract sees a sluggish start

Three-and-a-half months into the life of Ice's new index credit default swap (CDS) contract, critics are already casting it as the latest in a series of failed attempts to ape one of the over-the-counter market's big success stories.

"There is absolutely no need for index CDS futures. We've never traded it; we have no intention of trading it; and we don't feel the need for it at all," says the New York-based head of investor relations for one hedge fund.

Supporters of the product say these