Market excludes Cyprus from CDS index

Cyprus?s ejection from the next series of a sovereign credit default swaps index may revive trading in the benchmark, according to Markit Group Ltd, which administers the measure.

Cyprus will be excluded from the eighth series of the Markit iTraxx SovX Western Europe Index because of the lack of trading in swaps linked to the nation?s debt, Markit said in a statement.

New series of benchmarks are created every six months when members are added or dropped depending on their ratings, cost of protection and ease of trading. [Bloomberg]

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