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

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CDS Indices Primer - November 2021

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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 S&P Global. The commitments are available from the European Commission's website.

The commitments adopted by the Commission include:

A commitment by S&P Global 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 S&P Global 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
S&P Global 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, 9^th Floor
New York, NY 10036
Tel: +1 212-841-9362
monitoringtrustee@fticonsulting.com

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Experts

Nicholas Godec

Nicolas is an Index Product Manager covering tradable indices, including OTC and Exchange Listed Derivatives and the development of indices for Exchange Traded Funds. In addition to serving as a product expert for the various indices and their tradable equivalents, he chairs the committee for and manages the launch of new North American CDS index series, including the Markit CDX High Yield and Investment Grade, CDX Emerging Markets, CMBX and MCDX indices. Prior to joining S&P Global, he was a research analyst on the Bank of America Merrill Lynch Global Bond Indices team that is now a part of the Intercontinental Exchange.Nicolas is a CFA charterholder and holds a Certificate in Investment Performance Measurement (CIPM). In 2019, he completed his MBA from Columbia Business School's Executive MBA program, graduating with Dean's Honors.

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