Household credit stress has surged from post-COVID lows, with quarterly data confirming what MDX® Indices have reflected for months — household debt delinquencies are elevated.

Five dealers began submitting daily indicative bids and offers to ICE on MDX.GN Series 1 swaps this week to develop pre-trade price discovery.

Industry collaboration sets stage for November MDX trading debut, as the Working Group finalizes protocols, payment structures, and vendor engagement to support the upcoming launch.

Explore the evolving MDX swap trading ecosystem in 2025, from core dealers to industry bodies. Get insights into upcoming protocols, trade processing, and operational testing.

Explore our MDX Trade Example document for a detailed walkthrough of the MDX swap life cycle, including calculations and operational insights to simplify onboarding.

In this article, we discuss the emerging trading protocols and infrastructure for trading, processing and clearing MDX Swaps along with the benefits that accrue through this collective approach.

MDX swap pricing can play an important role in housing and mortgage public policy. To provide a perspective on its potential value, we asked former regulator Ed Golding to share his views.

Selecting Ginnie Mae borrowers to construct MDX Indices.

Pricing at market extremes and day-to-day.

Insights into MDX swap pricing through historical data analysis.

MDX swaps hedge diverse mortgage credits, correlating with the performance of various mortgage instruments.

MDX swaps are intended to be a derivative complement to mortgage credit products and portfolio management.

MDX swap pricing is patterned on plain vanilla swaps consisting solely of fixed coupon payments and floating Credit Event write-down amounts.

MDX indices and MDX swaps have uses for everyone who has or seeks exposure to changes in household balance sheet health in the US.