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New US muni credit default swap index to start soon

Fri Apr 25, 2008 5:29pm EDT

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NEW YORK, April 25 (Reuters) - A U.S. municipal bond credit default swap index is expected to be launched as soon as May 6, creating what is believed to be one of the first derivative benchmarks for this $2.6 trillion market, market sources said on Friday.

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The sources, who declined to be named, said at least six banks are expected to make markets in the new product, including Citigroup Inc (C.N), Goldman Sachs (GS.N) JPMorgan Chase (JPM.N), Merrill Lynch MER.N, Morgan Stanley (MS.N), and UBS AG (UBSN.VX).

Markit Group Limited, a financial services vendor, will launch the new index, the sources said. The company declined to comment.

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