ICE Inks Markit Deal to Base Futures on Credit-Swap Indexes
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Intercontinental Exchange Inc. obtained the right to link futures contracts to credit-default swap indexes owned by Markit Group Ltd., the largest creator of the derivative instruments in the $25 trillion market.
The gauges, to reference London-based Markit’s North American and European corporate credit swap measures, are expected to be available in the first quarter, Atlanta-based Intercontinental said in a statement today. Other details of the futures contracts, such as the exact Markit indexes to be referenced or the terms of the deal, weren’t disclosed.