Dow Jones takes over Trac-x, but iBoxx launch splits market

New Angles

Morgan Stanley and JP Morgan Chase have handed over the management of Trac-x, their credit derivatives index product, to Dow Jones.

The announcement of the transfer coincided with the launch of a rival product, iBoxx CDX.NA.IG, by a consortium of 11 other dealers, and followed several weeks of disquiet among other dealers and end-users at the way the two Trac-x joint-venture partners have handled licensing and index reconstitution. Members of both Morgan Stanley and JP Morgan Chase’s credit

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