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Measuring the Credit Crisis in Markit Press Releases
Markit's CDX credit-derivative index was meant to "roll" -- be updated with the most up-to-date set of credits -- on September 22. The roll was first delayed by one week, and then, in a vote on Saturday, was delayed another week. Here are the releases, I'll have more tomorrow when I talk to a Markit exec.
September 15:
Following a majority dealer vote, the forthcoming Markit CDX index rolls will be delayed by one week.
The Markit CDX North America Investment Grade index and its related sub-indices will roll on September 29, 2008 instead of September 22, 2008 as initially planned.
The Markit CDX North America Crossover, Markit CDX Emerging Markets and Markit CDX Emerging Markets Diversified indices will roll on September 29, 2008 instead of September 22, 2008 as initially planned.
September 26:
Markit, a financial information services company and owner of the Markit CDX indices, today announced that the Markit CDX North America Investment Grade, Markit CDX North America High Volatility and Markit CDX North America Crossover indices will roll into their eleventh series on 29 September 2008. The Markit CDX Emerging Markets index will roll into its tenth series and the Markit CDX Emerging Markets Diversified index will roll into its eighth series on 29 September 2008.
September 29:
Markit, a financial information services company and owner of the Markit CDX indices, today announced that it has postponed the rolls of the Markit CDX North America Investment Grade, Markit CDX North America Investment Grade High Volatility, Markit CDX North America Crossover, Markit CDX Emerging Markets and Markit CDX Emerging Markets Diversified indices.
This decision was taken after Markit CDX index dealers voted to postpone the rolls due to market conditions and requests from their clients.
The aforementioned indices will roll into new versions on 2 October 2008 instead of on 29 September 2008 as previously announced. The indices will have an annex date of 2 October 2008 and an effective date of 21 September 2008.
