Clearing house of the year: CME Group

Phupinder Gill and Kim Taylor

Nobody knows how much margin will be consumed as over-the-counter derivatives move to a post-crisis regime based on central clearing and two-way collateral posting, but there is one certainty – the less an individual firm has to post, the happier it will be. The result is intense competition to develop low-margin products and services, and CME Group led the way in both respects during 2012 – first offering margin savings across cleared OTC and futures positions, and then launching a new swap fut