IndicesiTraxx

Markit iTraxx indices are a family of European, Asian and Emerging Market tradable credit default swap indices.

Customers

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

Statistics

  • 40%of total notional in DTCC CDS trade repository
  • 35+licensed marketmakers for our credit indices

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Product summary

The rules-based Markit iTraxx indices comprise the most liquid names in the European, Asian, Middle Eastern and African markets. The selection methodology ensures that the indices are replicable and represent the most liquid, traded part of the market.

Markit iTraxx indices allow investors to express their bullish or bearish sentiments on credit as an asset class and portfolio managers to manage their credit exposures actively.

  • Europe

    The European Markit iTraxx indices trade 3, 5, 7 and 10-year maturities, and a new series is determined on the basis of liquidity every six months. The benchmark Markit iTraxx Europe index comprises 125 equally-weighted European names. The Markit iTraxx Crossover index comprises the 75 most liquid sub-investment grade entities. Total Return indices are calculated and published hourly for Markit iTraxx Europe, Asia and Crossover. These indices measure the performance of the respective on-the-run Markit iTraxx CDS contracts.

  • Asia & Emerging Markets

    The Asia-Pacific Markit iTraxx indices typically trade on a 5-year maturity, with a new series determined in the basis of liquidity every six months. Our suite of Asia-Pacific Markit iTraxx indices include the investment-grade Markit iTraxx Asia ex-Japan index with 40 equally-weighted Asian entities, a Markit iTraxx Australia index with 25 equally-weighted Australian entities and a Markit iTraxx Japan index with 50 equally-weighted Japanese entities. Also part of the iTraxx family is the Markit iTraxx CEEMEA index, which is a tradable index, composed of 25 equally weighted corporate and quasi-sovereign entities from Central & Eastern European, Middle Eastern and African countries.

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.

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

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