Indices and index-based products

9. Indices

General consensus within the industry is that a landmark development in the expansion of the credit derivatives market in general and the CDO space in particular was the launch in 2003 of Trac-x and iBoxx, the first set of CDS indices. In 2004, these indices were merged to form DJ CDX in North America (and emerging markets) and iTraxx in Europe, Australia and Asia.

This new generation of indices have brought liquidity, transparency and standardisation of contracts to a new level. In its prime

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