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CDS IndexCo and Markit Announce Official Name Change for New Series of CDX Indices
London and New York – March 16, 2007 – CDS IndexCo LLC (“CDS IndexCo”), a consortium of 16 investment banks licensed as market makers in the CDX indices, and Markit Group Limited (“Markit”), the leading provider of independent data, portfolio valuations and OTC derivatives trade processing, today announced the official name change for the CDX indices.
As previously announced in a press release dated October 27, 2006, the names of the Investment Grade/Emerging Market and the High Yield indices are scheduled to change their names on March 20th and March 27th, 2007, respectively.
As such, the new on-the-run family of CDX indices, previously known as the Dow Jones CDX Indexes will be renamed the CDX Indices. Individually, the names of the actual indices will also change. For example, the Dow Jones CDX North American Investment Grade Index (DJ CDX.NA.IG) will simply be renamed the CDX North America Investment Grade Index (CDX.NA.IG). The off-the-run series of CDX indices with an effective date prior to March 20, 2007 will continue to carry the Dow Jones name or mark.
Also as previously announced, Markit will continue to act as Calculation Agent, and will retain responsibility for the administration of CDS IndexCo. Since the October 27, 2006 announcement, Markit has taken on the additional responsibility of licensing the CDX Indices. The transfer of responsibilities and the subsequent name change will not affect trading or index composition in any way.
The CDX family of credit derivative indices are composed of corporate and sovereign entities domiciled in North America and the Emerging Markets, and include:
CDX.NA.IG (Investment Grade)
n CDX.NA.IG.HVOL (High Volatility)
n CDX.NA.HY (High Yield)
n CDX.NA.HY.BB (High Yield, BB)
n CDX.NA.HY.B (High Yield, B)
n CDX.NA.HY Notes (High Yield Notes)
n CDX.NA.XO (Crossover)
n CDX.EM (Emerging Markets)
n CDX.EM Diversified (Emerging Markets Diversified).
For further information, please contact:
CDS IndexCo
Michael Mandelbaum
Mandelbaum & Morgan
Tel: +1 310 785 0810
Email: michael@mandelbaummorgan.com
Markit
Teresa Chick
Director, Corporate Communications
Tel: +44 20 7260 2094
Email: teresa.chick@markit.com
Note to Editors :
About CDS IndexCo
CDS IndexCo is a consortium of 16 investment banks which are licensed as market makers in the CDX Indices. The market makers include: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia.
About Markit
Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 75 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.
Markit's position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management's Vendor of the Year award (Trade Processing); Financial News' Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit's Best Operational Support Services Provider; Inside Market Data's Reference Data Provider of the Year, and Company to Watch; Risk's Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International's Editor's Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report's Editor's Award for Innovation; International Financing Review's Innovation of the Year (Credit Event Fixings); Financial News' Best Derivatives Data Provider; and Operations Management's Vendor of the Year award.
