Following a year of one-sided competition, Eurex has decided to mothball its credit default swap (CDS) clearing service, effectively ceding the market to its US rival, IntercontinentalExchange (Ice). It remains to be seen whether politicians and regulators will accept a situation in which the CDS market has only one clearing venue.
Eurex Credit Clear will remain operational but will no longer be actively looking for new business. The move has not surprised market participants.
"It is the logica