A new dawn for DJ CDX

dow jones CDX

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The launch of a single tradable credit default swaps index—the Dow Jones CDX—backed by major market makers has brought standardization and liquidity to a once-divided market. But the use of this new synthetic instrument is raising questions about the future of the cash bond market as the Dow Jones CDX begins to gain universal acceptance among investors in the credit derivatives market.

In late April, following months of tense negotiations and pressure from investors, the banks behind the compet

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