Commerzbank, CSFB, and Royal Bank of Scotland join iBoxx CDS Group in Europe


Commerzbank Securities, Credit Suisse First Boston and Royal Bank of Scotland have today joined the iBoxx CDS group in Europe, further building its position as the leading provider of credit linked notes and extending the number of participating banks to 14.

These are the latest additions to the group, which already includes ABN AMRO, Barclays Capital, BBVA, Bear Stearns, Citigroup, Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC, Merrill Lynch, SG Corporate & Investment Banking and UBS Investment Bank. Worldwide 21 leading investment banks now participate as market makers in the iBoxx CDS platforms.

Formed in February last year, the European iBoxx CDS group acts as a market maker for the iBoxx family of CDS indices, which currently comprise:

* iBoxx 100, based on the top 100 names in the iBoxx EUR Corporate Overall Index, weighted by duration-adjusted market capitalisation
* iBoxx Corporate, a similar product comprising only the non- financial issuers within the iBoxx EUR Corporate Overall Index
* iBoxx Diversified, based on 100 equally referenced entities within Moody’s industry sectors
* TriBoxx, a series of liquid and tradeable CDO tranches based on the European iBoxx Diversified index
* iBoxx Crossover, comprises 25 of the most liquid European crossover credits in the CDS market

Ahrash Daneshvar, Global Head of Structured Credit Trading at Commerzbank Securities said "This product complements Commerzbank Securities' integrated approach to credit trading and its emphasis on structured products. We are pleased to add this to the range of existing index and tranched portfolio products offered to our clients."

Eraj Shirvani, Managing Director and Head of European & Pacific Credit Trading at CSFB, said: "We are pleased to commence market making in this increasingly popular product, which we believe is further enhancing transparency and liquidity in the credit derivatives market."

David Mark, CEO of iBoxx, said: "iBoxx continues to demonstrate its strength as the leader in European CDS index-based products, providing broad, transparent exposure to credit markets. The addition of Commerzbank, CSFB and Royal Bank further enhances the attractiveness of the iBoxx platform and its associated products."

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