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CDX: Tradable CDS Indices

CDX indices are a family of tradable credit default swap (CDS) indices covering North America and emerging markets.

CDX covers multiple sectors, including:

  • CDX North American Investment Grade
  • CDX North American Investment Grade High Volatility
  • CDX North American High Yield
  • CDX North American High Yield High Beta
  • CDX Emerging Markets
  • CDX Emerging Markets Diversified

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

Our selection methodology for CDX ensures that the indices represent the market’s most liquid segment. The CDX index’s high liquidity and transparency enable you to trade credit index tranches, options and first-to-default baskets.

Key benefits:

  • Trading efficiency – Trade large sizes quickly and confirm all trades electronically
  • Liquidity – Benefit from wide dealer and industry support, allowing for significant liquidity in all market conditions
  • Transparency – Depend upon standardized and well documented indices with pricing freely available daily on all indices and all index characteristics
  • Data integrity – Rely on a rigorous quality control process with contributed prices from multiple leading banks

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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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 IHS Markit. The commitments are available from the European Commission's website.

The commitments adopted by the Commission include:

  • A commitment by IHS Markit to grant licenses to create and/or trade exchange traded financial products based on the iTraxx and CDX indices on FRAND terms.
  • A commitment by IHS 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
IHS 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

Customers

  • Banks
  • Asset managers
  • Hedge funds
  • ETF providers

Events

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Training & User Group 20 September 2018

Loan Market Conference

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Training & User Group 11 October 2018

Pricing and Valuation Conference

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Training & User Group 13 July 2018

IHS Markit Compliance Series - The CRS Editio (...)

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Training & User Group 02 August 2018

IHS Markit Compliance Series - The CRS Editio (...)

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Training & User Group 16 August 2018

IHS Markit Compliance Series - The CRS Editio (...)

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Resources

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