Buy-side battle


It has been a frenetic year for credit derivatives dealers. Pushed by regulators to centrally clear credit default swaps (CDSs) as a way of reducing counterparty risk, they have made major changes to the way in which the product is traded to render it sufficiently standardised to be handled by central counterparties (CCPs). Dealers began clearing CDSs in the US in March and Europe in July. Next on the agenda is the rolling out of clearing services to the buy-side community, with the industry com

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