IndicesCDX

Markit CDX indices are a family of tradable CDS indices covering North America and emerging markets.

Customers

  • Banks
  • |
  • Asset managers
  • |
  • Hedge funds
  • |
  • ETF providers

Statistics

  • 40%of total CDS notional in DTCC
  • 2roll dates per year

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Product Summary

Our selection methodology ensures that the indices represent the most liquid segment of the market. The high liquidity and transparency provided by the indices make it possible to trade credit index tranches, options and first-to-default baskets.

Markit CDX indices cover multiple sectors, with the main indices being Markit CDX North American Investment Grade, Markit CDX North American Investment Grade High Volatility, Markit CDX North American High Yield, Markit CDX North American High Yield High Beta, Markit CDX Emerging Markets and Markit CDX Emerging Markets Diversified.

The Markit CDS indices roll semi-annually, in March and September. Credit events that trigger settlement for individual components are bankruptcy and failure to pay, and credit events are settled via auctions.

    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

    Data Commentary

    CDS Index Commitments

    Summary


    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: http://ec.europa.eu/competition/antitrust/cases/dec_docs/39745/39745_14254_3.pdf
    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 itraxxadvisory@ihsmarkit.com or cdxadvisory@ihsmarkit.com 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
    monitoringtrustee@fticonsulting.com

    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

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    Documentation

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

    View