A broader base of capital market constituents, including equity investors, have new routes available for taking views on credit risk, thanks to the recent launch of two new credit derivative indices harnessing real estate collateral. But while the growth of credit default swaps is a milestone of the modern market's landscape, some wonder what the new indicies will bring for the markets underpinning those swaps.

It may appear the new indices cater just to the structured finance crowd, but the launch of ABX.HE in January, and CMBX, launched last week, has attracted a wide array of interest, say dealers, including market participants who trade equity indices.

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