Delayed trac-x Europe launches today
Trac-x Europe, part of a family of credit default swap indexes being assembled by JP Morgan Chase and Morgan Stanley, debuted trading today. A funded format is due to start trading the week of June 30. This follows a delay of about six weeks.
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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