Loan CDS index shrugs off delays to register $11 billion trading on day one
After resolving documentation issues, the LCDX index of loan credit default swaps finally launched in the US to overwhelming demand
LCDX, the long-awaited index of North American loan credit default swaps (LCDS), launched on May 22, following the resolution of documentation problems by the International Swaps and Derivatives Association.
The new index is run by CDS IndexCo, a consortium of 16 banks, and the valuation company Markit, which selected the basket of 100 default swaps referencing first-lien loans.
Trading exceeded $11
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