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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