Vista MDX.GN Swap Trading Begins
October 2026
Developed in collaboration with ICE, major dealers, and market infrastructure providers, MDX.GN Swaps bring data-driven innovation to trading borrower credit risk through new benchmarks designed to measure consumer and household performance.
Explore MDX in Action
About Vista MDX Indices
Vista MDX Indices are mortgage credit benchmarks based on the performance of single-family home loans. By referencing a large cross-section of US household borrowers, MDX Indices capture essential trends in the credit performance of US housing and consumers. With clear, rules-based definitions for determining credit events and straightforward calculations for assigning values, MDX Indices are designed for broad use as benchmarks for financial products including swaps and derivatives. Vista will publish a new MDX Series every six months, enabling the market to monitor household debt trends across a range of characteristics.
Calculating VISTA MDX Indices
VISTA MDX Indices are intended to be accurate and reliable representations of mortgage borrowers experiencing credit events in the U.S. residential mortgage market. MDX Index Series are released every six months and are computed monthly from loan performance reports provided to the market by the agencies.
MDX measures the cumulative number of serious delinquencies (120+days delinquent) and modifications in each Index Series. This provides a view of borrowers who are experiencing multiple sequential “failures to pay” and/or changes to the original terms of their loan. Such borrowers are exhibiting credit stress requiring lender remediation. MDX Index Values are computed based solely on the number of loans in the Index without regard to their unpaid principal balances.
Computation of MDX Index Values
ICE Data, a division of Intercontinental Exchange, Inc., is the exclusive index computation agent for the Vista MDX Indices. As the MDX computation agent, ICE Data sources loan level information from the agencies and provides the market with monthly Index Values for each MDX Series. MDX Series A through Series G cover loan origination periods from mid-2021 through late-2024. Series 1, containing loans through mid-2025, will be the first Series referenced by tradable swaps. Subsequent MDX Series are released on a six (6) month cycle in March and September each year. All MDX Series are maintained for 10 years from release, at which point they are discontinued.
MDX Reference Loans
Each MDX Series is composed of loans contained within agency mortgage-backed securities (“MBS”) issued by the agencies. These loans represent a nationwide range of borrowers having standard qualifications and offer the widest level of performance reporting and transparency. Every MDX Series contains a unique set of loans from specific six (6) month MBS pool inclusion date range.
Documentation
Publicly available documentation relating to our indices, including methodologies, annexes and educational guides, as well as trading and legal documents for tradable indices (see resources).
Data Contingency
Vista MDX Indices, once released, rely on the ongoing publication of loan performance data by the agencies. In the event that an agency discontinues providing loan performance data, Vista will not release new MDX indices until a suitable new loan source and computation process can be found.
Request MDX.GN Data Access
Use our data request form to request access to Vista Index Data, Loan Identifiers, and Loan Level Details.