Emergence of Default Swap Index Products Case Solution
With JPMorgan, Morgan Stanley partnered up in April 2003 to co-market and co-design a suite of credit indices. Their first product, named TRAC X, was a portfolio of underlying, single-name, credit default swaps.
In early 2004, Lisa Watkinson was the worldwide merchandise manager and the executive director at Morgan Stanley in New York for credit default swap and credit indexation merchandises, responsible for promotion and the development of all credit derivatives and credit indexation products worldwide. Lately, the TRAC X products had faced criticism in the marketplace and competing basket credit products were found. Although Morgan Stanley was at the leading edge of an explosive and rewarding line of structured credit products, Watkinson confronted considerable company development threat, attempting to keep the liquidity connected with her first-mover advantage.
This is just an excerpt. This case is about STRATEGY & EXECUTION
PUBLICATION DATE: February 12, 2004
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