A group of 11 global dealers have launched a new US investment grade credit default swap index in the latest attempt to compete with Trac-X, the JP Morgan and Morgan Stanley index.

The new index, called IBoxx CDX NA IG, is a 125-name tradable index of credit default swaps - a type of derivative that offers protection against debt default - on US investment grade companies. The move comes three months after JP Morgan and Morgan Stanley launched US investment grade and high yield indices under Trac-X, their combined credit derivative product.