Dow Jones unveils Trac-x Europe high-yield index
Dow Jones Indexes today gave details of the portfolio for the new Dow Jones Trac-x Europe high-yield index. The index consists of the 25 most liquid European high-yield credit default swaps, and contains many well-known names such as British Airways, Cable & Wireless and Invensys.
US investment banks JP Morgan Chase and Morgan Stanley originally designed Trac-x. But, bowing to pressure from the market to hand over control of the indexes to a third party, the banks announced they had finalised terms to hand over development, marketing and sales control to Dow Jones last week.
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