Hello,I was wondering if there was anything as a 'market standard' model for CMCDS pricing, analogous to the JP Morgan model for single-name CDS. At first glance, CMCDS does look fairly straightforward, as the only difference here is that the premium leg rate is being reset at the payment frequency during the life of the trade. However, modeling attributes likes relative insensitivity to the underlying spread, relatively high sensitivity to the slope of the spread curve and the calculation of the participation rate, are all quite deceptive.Especially the latter, because how exactly does one go about calculating the forward spread for a CDS? For example, will a 6 month forward 5-year CDS be an interpolation of the quoted 5-year and 7-year (assuming that 6-year CDSs are not traded) spreads?I did some spend some time with Google and the only research I could come up with was Dr Damiano Brigo's market model of the CMCDS. Is this model, or a variant thereof, used in any major institutions?Regards,A