The Markit MCDX index is a credit index referencing municipal single name CDS.


  • Banks
  • |
  • Asset managers
  • |
  • Hedge funds
  • |
  • Insurance companies
  • |
  • Corporate treasurers


  • 50US municipal debt issues
  • 250mminimum amount of outstanding debt for a reference obligation

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Product Summary

Markit MCDX is owned, marketed, administered and calculated by Markit. The index helps enhance liquidity in the single name CDS market.

The index includes the following primary characteristics: reference entities, reference obligations, ratings, credit events, recovery rate assumptions for upfront and unwind calculation, roll dates, tenor and quotation standard.

    Key benefits

    • Trading efficiency

      Ability to trade large sizes quickly and confirm all trades electronically

    • Liquidity

      Wide dealer and industry support, allowing for significant liquidity in all market conditions

    • Transparency

      Pricing freely available daily on all indices, and all index characteristics standardised and documented

    • Data integrity

      Contributed prices from multiple leading banks, with rigorous quality control process applied

    CDS Index Commitments


    On 20 July 2016, the European Commission issued a decision in Case COMP/AT.39745 - CDS Information Market in which it accepted certain commitments offered by Markit. The commitments are available from the European Commission's website at the following address:
    The commitments adopted by the Commission include:

    • a commitment by Markit to grant licences to create and/or trade exchange traded financial products based on the iTraxx and CDX indices on FRAND terms; and
    • a commitment by Markit to adopt revised terms of reference governing the CDX and iTraxx index advisory committees. The revised terms of reference may be found under the Documentation pages for each index.

    In connection with the CDX and iTraxx index advisory committees, Markit would like to invite firms who are interested in joining any of the advisory committees listed below to please contact either or in the first instance.

    • Markit CDX IG and HY Advisory Committee
    • Markit CDX EM Advisory Committee
    • Markit MCDX Advisory Committee
    • Markit iTraxx Europe Advisory Committee
    • Markit iTraxx Asia ex-Japan Advisory Committee
    • Markit iTraxx Australia Advisory Committee
    • Markit iTraxx Japan Advisory Committee

    Monitoring Trustee

    Markit has appointed FTI as the Monitoring Trustee to monitor its compliance with these commitments. FTI's contact details are set out below:

    FTI Investigations, LLC
    c/o FTI Consulting, Inc.
    3 Times Square, 9th Floor
    New York, NY 10016
    (p)+1 212-651-7148
    (f)+1 212-841-9350

    News & Information

    Important notifications and public information about our indices, including changes to upcoming series following index rolls, credit events on constituents and issuance of new indices



    Publicly available documentation relating to our indices, including methodologies, annexes and educational guides, as well as trading and legal documents for tradable indices