iBoxx and Trac-x rubber-stamp global merger
Rival index providers end months ofspeculation by announcing their merger
The banks behind iBoxx and Trac-x have announced that they have signed a letter of intent to merge the two indices. The indices will be merged globally, although the North American CDS indices will be run by a different company from the European and Asian cash and CDS indices.
In the US, JPMorgan and Morgan Stanley will join the CDS IndexCo, a company set up by the banks behind the iBoxx CDX index in preparation for the merger. In Europe the merger involves the banks behind Trac-x—JPMorgan
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