Branching out
Unlike other basket-linked notes, JPMorgan and Morgan Stanley’s newly merged product, Trac-x, replicates the credit default swap market. But are investors ready or able to make use of such a product? David Watts reports
On April 1, the two progenies of US banker Jean Pierpoint Morgan – JPMorgan and Morgan Stanley – held joint press briefings in New York and London simultaneously. With the war in the Gulf, financial news had been fairly flat, so two huge banks holding two press briefings in the two global financial centres created at least a glimmer of expectation amongst financial journalists.
But in New York, George James, global head of credit products group at Morgan Stanley, kicked off the
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