Index infighting breaks out
The launch of a US version of iBoxx to compete with the incumbent, Trac-x, has ruffled a few feathers at several banks. Credit looks at the circumstances of the dispute
An instrument that allows investors to trade the US credit market has been launched under the iBoxx brand as a rival to Trac-x. But the move has sparked angry behind-the-scenes accusations, not only between the backers of iBoxx and Trac-x but also within the separate camps themselves.
The launch of the US iBoxx product – iBoxx.CDX.NA.IG (or credit default exchange, North America, investment grade) – was announced on October 15. As with Trac-x, it allows investors to buy or sell exposure to a
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