Behind Wall Street's subprime fear index

November 15 2007 Money.CNN.com The formerly obscure ABX index has become a closely watched gauge of just how bad the market for subprime securities is getting. At a time when almost nothing about subprime securities seems certain, the ABX index is a key point of reference for investors navigating the world of risky mortgage debt. The ABX, launched in January 2007, serves as a benchmark of the market for securities backed by home loans issued to borrowers with weak credit. Underlying the mortgage mess has been the fact that no one knows what subprimesecurities are really worth.

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