Europe’s first loan credit default swap (LCDS) index was launched at the beginning of November: the iTraxx LevX index. The development of such an index is certainly crucial if the LCDS market is to achieve the kind of liquidity that its proponents are hoping for but as with any new CDS index there are a series of issues that still need to be resolved. A US index, LCDX, is expected to be launched early next year.
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