European credit default swap clearing off to a steady start

Central clearing of credit default swaps (CDSs) got under way in Europe in July, ahead of a deadline set by the European Commission (EC). Two clearing platforms launched in the days leading up to the July 31 target and dealers have reported steady progress in the first month. Ice Clear Europe, operated by Atlanta-based IntercontinentalExchange (Ice), has so far outstripped rival Eurex Credit Clear, owned by Frankfurt-based derivatives exchange Eurex. By August 21, Ice Clear Europe had cleared