The launch in October 2006 of LevX — Europe’s first index of leveraged loans — was controversial. Many hailed it as a bold move that could stimulate trading; others picked holes in it. Some of the criticisms were right, and now Markit and the banks are rolling out a new, improved version. Unfortunately, with loan trading going through a famine, it may be a while before the new index’s worth can be properly tested.
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