Markit unveils new CDX index rules

Up to 10 new names from under-represented sectors could be added to high-yield CDX index

New CDX indexes will better reflect cash markets

Markit is rejigging its credit default swap (CDS) indexes to more closely resemble their cash counterparts.

The new rules for Markit's North American High Yield CDX index – set to be published on August 19 – specify three criteria for selecting the underlying reference entities: the amount of debt outstanding; trading volumes in the cash market; and the liquidity of the single name CDS.

The CDX indexes currently include the most frequently traded single-name contracts, but declining liquidity in

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