Markit IOS
The Markit IOS is a synthetic Total Return Swap Index series referencing the interest component of 30-year fixed-rate Fannie Agency pools
Product summary:

The Markit IOS index is scheduled to launch in the first quarter of 2010.  The index will reference the synthetic interest portion of agency pools in the index.  Markit IOS will serve as a liquid and standardized tool for investors to take long or short positions based on their own assumptions of prepayment and extension of the reference pool interest payments.
Key benefits:
Index references only the interest component of reference pools
Index cashflows, prices and valuation are independent of principal component
Sub-indices will be created for each coupon
Key functions:
Index will provide exposure to agency pool coupon cashflows via synthetic TRS contracts
Related Info
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Markit IOS PresentationMarkit IOS Presentation
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