RT Journal Article SR Electronic T1 Index Mania And the Growth of the CDS Markets JF The Journal of Structured Finance FD Institutional Investor Journals SP 13 OP 36 DO 10.3905/jsf.2006.628543 VO 12 IS 1 A1 Brian McManus A1 Anik Ray A1 David Preston YR 2006 UL https://pm-research.com/content/12/1/13.abstract AB The growth of CDS indices should allow creative investors to pit one market against the other, but only to the extent that those indices remain liquid. While there is a large and growing number of CDS indices, and more in the pipeline, the products most tied to CDO collateral are the North American and European corporate indices along with the ABX.HE index on sub-prime home equity loans and the CMBX.NA index on CMBS. The investment-grade indices, CDX.NA.IG and its European cousin, the iTraxx-IG series, are the most liquid and offer the most dynamic hedging, speculating, and investment opportunities. The CDX.NA.HY high-yield index offers a good example of an index that has fizzled. That index began as a fairly liquid index, offering dealers a means of hedging their pipelines, but many traders abandoned it when they discovered it often trades independently of the cash and single-name CDS markets, proving the point that customer flow is essential to the long-term success of a young indexTOPICS: CLOs, CDOs, and other structured credit, mutual fund performance, international