Il ne manque plus que des futures sur cet index ---> contango assure...
Goldman Sachs Launches Tradeable Index for Longevity and
2007-12-14 12:00 (New York)
NEW YORK--(BUSINESS WIRE)--December 14, 2007
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it
has launched the first index that will allow market participants to
measure, manage, and trade exposure to longevity and mortality risks
in a standardized, transparent, and real-time manner.
Longevity and mortality are the risks that realized lifespan
differs from expected lifespan, creating an economic consequence,
often a price change in an asset or liability. Holders of mortality
risk -- typically institutions such as insurance carriers and
reinsurers -- are economically exposed to a decrease in lifespan,
while holders of longevity risks -- pension funds, annuity writers,
the social security trust fund or life settlement investors -- are
exposed to an increase.
QxX.LS, the first in an expected series of indices, will be a
representative sample of the US senior insured population over the age
of 65. The initial index will reference a pool of 46,290 de-identified
QxX.LS is based on a population designed to address risks to which
major market participants are exposed and is independently tracked
monthly, providing real-time publication of mortality information. The
results will be periodically verified by a third party. Published
index rules and trading calculators are available on Bloomberg at (QXX
(GO)) and on the QxX website at http://www.qxx-index.com, ensuring
observability and transparency.
Up until now, holders of longevity and mortality risks have had no
mechanism to dynamically manage their exposures in the capital
Hedge funds, banks and asset managers with existing positions in
the cash longevity market, or those with an interest in gaining
synthetic exposure to this uncorrelated risk class, will be able to
use the index to either hedge existing exposure or to initiate
"We are excited about bringing this unique product to the market
and believe that it will quickly establish itself as the market
benchmark. This will result in more transparent pricing of longevity
risk, should reduce transaction friction, and will likely lead to
improved economics for market participants," said Alex Dubitsky, head
of Goldman Sachs' Longevity Markets Group.
Dubitsky added, "Goldman Sachs is committed to helping our clients
manage risk efficiently. We view this as the first step in bringing a
suite of new risk management tools to an important asset class."
Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of services
worldwide to a substantial and diversified client base that includes
corporations, financial institutions, governments and high net worth
individuals. Founded in 1869, it is one of the oldest and largest
investment banking firms. The firm is headquartered in New York and
maintains offices in London, Frankfurt, Tokyo, Hong Kong and other
major financial centers around the world.
The Goldman Sachs Group, Inc.
Michael DuVally, 212-902-5400
-0- Dec/14/2007 17:00 GMT