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MCDX: Municipal CDS Index

The MCDX index is a credit index referencing municipal single name credit default swaps (CDS).

MCDX is owned, marketed, administered and calculated by IHS Markit. The index helps enhance liquidity in the single name CDS market.

The index includes the following primary characteristics:

  • Reference entities
  • Reference obligations
  • Ratings
  • Credit events
  • Roll dates
  • Tenor
  • Quotation standard

Key benefits:

  • Trading efficiency – Trade large sizes and electronically confirm trades quickly and efficiently
  • Liquidity – Benefit from significant liquidity in all market conditions due to wide dealer and industry support
  • Transparency – See publicly available pricing and all index characteristics in a standardized and documented format
  • Data integrity – Benefit from high quality, rigorously controlled prices contributed by multiple leading banks

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 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 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
Tel: +1 212-651-7148
Fax: +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.
Learn more

Documentation

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

Customers

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

Events

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IHS Markit Event 20 March 2019

Securities Finance London Forum 2019

Securities Finance London Forum 2019

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