Markit to roll iTraxx Asian indexes on Monday

By Jennifer Chiou

New York, Sept. 26 - Markit Group Ltd. said that it will roll its Markit iTraxx Asian indexes into series 10 on Monday.

The roll date was originally planned for Sept. 22. The delay followed a majority dealer vote.

Markit also said that based on dealer polls, the Markit iTraxx Japan HiVol index will not roll into series 10.

The main Markit iTraxx Asian indexes are the Markit iTraxx Asia ex-Japan index, the Markit iTraxx Australia index, the Markit iTraxx Japan index and the Markit iTraxx Japan 80 index.

The company said that the three-year and 10-year maturities of the Market iTraxx Japan Main index as well as the 10-year maturity of the Markit iTraxx Australia index will be discontinued.

Markit also announced changes to two of the indexes:

• Added to the Markit iTraxx Asia ex-Japan were Capitaland Ltd., SK Energy Co., Ltd. for investment grade and Chartered Semiconductor Manufacturing Ltd. for high yield while Chartered Semiconductor and Export-Import Bank of India were removed from investment grade and Hopson Development Holdings Ltd. was removed from high yield; and

• Added to the Markit iTraxx Japan were Asahi Glass Co., Ltd., Ito-Yokado Co., Ltd., Mitsui Fudosan Co., Ltd. and the Norinchukin Bank while Central Japan Railway Co., Ebara Corp., Nomura Securities Co., Ltd. and Sumitomo Metal Industries, Ltd. were removed.

The Asia ex-Japan index includes 50 equally weighted investment-grade and 20 equally weighted high-yield credit default swaps of Asian entities and is split into three regional sub-indexes: Korea, Greater China and Rest of Asia.

The company previously said the indexes typically trade with five-year maturities.

Markit provides independent data, portfolio valuations and over-the-counter derivatives trade processing to the financial markets.

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