CFTC approves CME exchange-traded contract

The product, which had been slated for launch in May, references the CME North American Investment Grade High Volatility Index Series 1. The index is made up of 32 actively-traded investment-grade, high-volatility names selected from the five-year credit default swap market.

The index will roll every six months, when names can be substituted in and out of the portfolio. The length of the contracts will also be five years. The credit events included in the contract are bankruptcy and failure

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