Building a new house


During the financial crisis, and particularly since Lehman Brothers' filing for Chapter 11 bankruptcy protection last September, counterparty credit risk has become one of the main concerns of market participants and regulators. And, believing it to be one means of cutting counterparty risk substantially, regulators in Europe and the US have been increasingly pushing the over-the-counter derivatives market towards centralised clearing platforms.

Much of the initial focus has been on credit deriv

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