Iboxx And Trac-X To Merge

LONDON, April 29, 2004 – iBoxx Ltd and TRAC-X LLC, with the signing of a Letter of Intent, and in conjunction with Dow Jones Indexes, today announced the plan to merge the iBoxx bond indices and European and Asian credit derivative index products with the Dow Jones TRAC-X European and Asian credit derivative index products. The bond indices will be known as Dow Jones iBoxx. The credit derivative indices will be known as Dow Jones iTraxx. North American credit derivative indices are not included in this new arrangement.

This combination of the two market leading index families will provide investors with a single set of indices for bond markets and credit default swaps with unparalleled liquidity and rules-based transparency.

These benchmark indices supported by Dow Jones Indexes’ global marketing and licensing power will meet the requirements of investors, borrowers and market makers alike and provide a strong foundation for future growth in the bond and credit derivative index markets.

The merger of the index families will be effected through the formation of a new entity, International Index Company, which will manage the combined index offerings. Shareholders of the new company will be ABN AMRO, Barclays Bank PLC, BNP Paribas, Deutsche Börse, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan, Morgan Stanley and UBS Investment Bank.

Additionally the new company’s Japanese credit derivative indices will also be combined with BNP Paribas' CJ50 index to produce a Japanese credit derivative index with specific marketing and licensing agreements.

Finalization of the terms described in the Letter of Intent is expected later this quarter.

Press Inquiries:

  • ABN AMRO Alex Evans +44 20 7678 5111
  • Barclays Capital Michele Cook +44 20 7773 3425
  • BNP Paribas Jonathan Mullen +44 20 7595 2773
  • Deutsche Bank Stephanie Smart +44 20 7545 2908
  • Deutsche Börse Frank Hartmann +49 69 2111 4943
  • Dresdner Kleinwort Wasserstein Peter Fitzpatrick +44 20 7475 3447
  • JP Morgan Mike Golden +44 20 7325 3644
  • Morgan Stanley Lisa Watkinson + 1 212 761 1007
  • UBS Investment Bank Sarah Small +44 20 7568 2609
  • iBoxx David Mark +49 69 299 868 144
  • Dow Jones Indexes Sybille Reitz +1 212 597 5735

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Journalists may e-mail questions regarding this press release or contact Dow Jones Indexes press office:

New York: +1-212-597-5720
London: +44-20-3379-3804

About Dow Jones Indexes

Dow Jones Indexes is a leading full-service index provider that develops, maintains and licenses indexes for use as benchmarks and as the basis of investment products. Best-known for the Dow Jones Industrial Average, Dow Jones Indexes offers more than 130,000 equity indexes as well as fixed-income and alternative indexes, including measures of hedge funds, commodities and real estate. Dow Jones Indexes employs clear, unbiased and systematic methodologies that are fully integrated within index families. Dow Jones Indexes is part of a joint venture company owned 90 percent by CME Group Inc. and 10 percent by Dow Jones & Company, Inc., a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).

"Dow Jones®," "Dow Jones Indexes," and all other index names listed above are service marks of Dow Jones Trademark Holdings LLC ("Dow Jones"), and have been licensed for use by CME Group Index Services LLC ("CME Indexes").

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