Markit Emerging Markets Index Goes Live
Markit has started publishing index levels for the GEMX, a family of benchmark indices referencing emerging market debt denominated in local currencies. In February 2008, IFC, a member of the World Bank Group, announced the selection of Markit to develop a transparent index of emerging market local currency bonds. The index serves as a benchmark for the World Bank Group’s Gemloc program, an initiative designed to help emerging market countries attract more investment and develop their local currency bond markets. As part of Gemloc, the World Bank Group selected PIMCO to develop and manage investment strategies that will promote institutional investment in the local currency bonds of emerging market countries. The GEMX currently comprises 20 countries. Additional countries are expected to be included in the index later this year.