iTraxx

Ever wake up in a sweat in the middle of the night thinking, "I don't have enough hedging positions in the credit derivatives market"?

If so, iTraxx might be the product for you. It's a set of credit default swap index products covering various world markets outside of North America. It has products targeting Europe, Japan, Asia (outside of Japan), and Australia.

The goal is to provide more liquidity to the credit default swap market. And, if you're wondering, a credit default swap is a financial product that allows investors to hedge credit risk.

iTraxx was formed in 2004 by the merger of Trac-X and iBoxx, which either sounds like a pair of Soundcloud rappers or a set of competing feminine hygiene products.