International Index Company to Purchase Goldman Sachs' Credit Indices.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 & FRANKFURT, Germany -- The Goldman Sachs Group, Inc. (NYSE NYSE See: New York Stock Exchange :GS) and International Index Company (IIC See infranet. ) today announced the sale of Goldman Sachs' credit indices to IIC. Following a brief transition period, the indices currently known as the GS $ InvesTop Index and the GS $ HYTop Index will be administered by IIC under the names iBoxx $ Liquid Investment Grade Index and iBoxx $ Liquid High Yield Index. The companies expect to complete the transition by November 1, 2006. Additionally, as a result of this transaction, Goldman Sachs will become a shareholding member of IIC. Terms of the transaction were not disclosed. Brad Levy, a Goldman Sachs Managing Director, said, "We are very excited to become a member of IIC. The contribution of our existing US-based cash indices is a great addition to an already robust suite of IIC products. We look forward to working with IIC to further develop the global credit index market." David Mark, IIC's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Our independent, multiple-contributor priced indices have been adopted as market standard in Europe, and with the addition of Goldman Sachs as a price provider in the US market, we expect our credit indices to appeal to a broader set of clients. The indices we are taking over have been designed to provide a superior basis for exchange traded funds Exchange Traded Funds (ETF) Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. and structured products." About IIC International Index Company was established in 2001 to provide transparent, rules-based, multiple contributor indices. The iBoxx Euro and Sterling indices were quickly adopted as market standard, and US Dollar indices were launched in 2005. These were followed by Asian, inflation-linked, and ABS indices. IIC also manages and administers the iTraxx 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. IIC is owned by ABN Amro, Barclays Capital, BNP Paribas, Deutsche Bank, Deutsche Borse, Dresdner Kleinwort, 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) , JP Morgan, Morgan Stanley and 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 . About Goldman Sachs Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, it is one of the oldest and largest investment banking firms. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers throughout the world. |
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