CDX Indices Add Fitch Ratings to Eligibility Criteria.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CDS IndexCo LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("CDS IndexCo"), a consortium of sixteen investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. licensed as market makers in the CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange indices, today announced that it has added Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. as a determinant for an entity's inclusion in the indices, in addition to Moody's and Standard & Poor's. This change to the inclusion rules governing CDX, the widely traded family of credit derivative Credit Derivative Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private indices, will take effect on the next index roll on March 20, 2007. Brad Levy, Managing Director, Firmwide eBusiness Group at Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and acting Chairman of CDS IndexCo, said: "CDS IndexCo has added Fitch Ratings to the CDX index composition methodology in order to make name selection more robust by including ratings from all three major rating agencies. The CDX indices are the most widely traded synthetic indices in North America and the universe of traded names in the credit derivatives market has grown dramatically since the launch of CDX. We will continue to refine the selection methodology to promote the liquidity and transparency of the indices." The CDX family of credit derivative indices allows investors to buy and sell protection against default on a broad range of corporate and sovereign entities domiciled in North America and the Emerging Markets. Indices include CDX.NA.IG (Investment Grade), CDX.NA.IG.HVOL (High Volatility), CDX.NA.XO (Crossover), CDX.NA.HY (High Yield), CDX.NA.HY.BB (High Yield, BB), CDX.NA.HY.B (High Yield, B), CDX.NA.HY Notes (High Yield Notes) and CDX.EM (Emerging Markets). The CDX indices roll every six months in order to rebalance the portfolio. Index composition is selected by a dealer poll conducted by Markit Group Limited, the independent data provider responsible for the calculation of CDX and the administration of CDS IndexCo. "It is evident that across all asset classes and geographies, investors and issuers benefit from having choice among rating agencies - from better transparency of the ratings process and better surveillance of ratings to a consensus view of credit risk," said the Head of Fitch Ratings Business Development, Peter Jordan. "The acceptance of Fitch Ratings by important global institutions is an indication of how market participants have re-examined the way they look at ratings and the major rating agencies." For more information about the CDX indices see www.markit.com or contact the individuals listed below. Note to Editors: About CDS IndexCo CDS IndexCo is a consortium of 16 investment banks which are licensed to be market makers in the CDX indices. The market makers include: ABN AMRO, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System , and Wachovia. About Fitch Ratings Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with accurate, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed-income markets. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 50 locations and covering entities in more than 80 countries. Fitch Ratings is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Fimalac, S.A., an international business support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services group headquartered in Paris, France. About Markit Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 75 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance. Markit's position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management's Vendor of the Year award (Trade Processing); Financial News' Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit's Best Operational Support Services Provider; Inside Market Data's Reference Data Provider of the Year, and Company to Watch; Risk's Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International's Editor's Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report's Editor's Award for Innovation; International Financing Review's Innovation of the Year (Credit Event Fixings); Financial News' Best Derivatives Data Provider; and Operations Management's Vendor of the Year award. For more information, see www.markit.com |
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