Delayed trac-x Europe launches today

JP Morgan Chase and Morgan Stanley, which have combined their respective Jeci and Tracers synthetic credit indexes in an attempt to boost overall liquidity associated with a joint product, blamed the delayed implementation of new International Swaps and Derivatives Association credit derivatives master agreements for the revised timetable.

BNP Paribas will also make markets for Trac-x indexes along with JP Morgan Chase and Morgan Stanley. The pair are negotiating with five other potential market-makers.

The combination of the two US banks’ efforts in this area may restrict the ability of rivals to gain sufficient liquidity for their own synthetic credit-indexed products. Risk’s end-user survey in its June issue this year found that 68% of asset managers favoured credit indexes supplied by JP Morgan Chase and Morgan Stanley. The US versions of Trac-x are expected to debut on July 25.

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