BNP, the longest-term supporter of JP Morgan and Morgan Stanley's Trac-x family of credit default swap indices, is to begin marketing and trading products linked to the rival iBoxx index in the US.

BNP's decision to start working with the iBoxx indices comes as another three banks, Bank of America, KBC Financial Products, and Bank One have also joined the iBoxx North America credit derivative (iBoxx NA CDX) group as licensed marketmakers. The news will come as something of a blow to the Trac-x group, founded last April by JP Morgan and Morgan Stanley, and which BNP has been supporting since launch.