Trac-x gains market maker support
BNP Paribas has signed up to make markets in the Trac-x Europe credit default swaps index initiative established by JP Morgan Chase and Morgan Stanley. Other major dealers are also looking into offering market making services in Trac-x products, with CSFB one likely candidate, according to a London-based trader.
The Trac-x index has yet to start trading, due to delays in the implementation of the International Swaps and Derivatives Association’s new credit derivatives definitions. Once launched, Trac-x Europe will comprise the 100 most activity traded credit default swaps in the European market.
JP Morgan Chase and Morgan Stanley plan to offer the index in both funded and unfunded formats, with fixed as well as floating coupons. Like Morgan Stanley’s Tracers product, sub-sectors of the index – technology media and telecoms, consumers, industrials, senior financials and subordinate financials – will also be available.
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