Derivatives change the high-yield fabric

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When indexes iBoxx and Trac-x merged in June to create the Dow Jones iTraxx credit derivatives index family, the event was trumpeted as a turning point for the global credit market. Some touted the new index as the holy grail for the market and predicted credit would never be the same. Market-makers and watchers alike were speculating on the impact the merger would have, discussing the liquidity that would surely enter the market and predicting what new products would emerge.

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