Indices and index-based products
The merger in 2004 of rival credit default swap indices Trac-x and iBoxx to form one index in North America and Europe has been hailed as a seminal moment in the development of CDS index trading
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 primer on
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