A dark futurefor clearing


Clearing Bank Hannover (CBH), which offered clearing services for electricityand commodity traders, has gone into liquidation and returned its banking licenceto Germany’s financial regulator. The news came as no surprise since, byall accounts, cleared trades on CBH were miniscule. But the episode did demonstratethat the initial promise of clearing has proved somewhat false. While some clearingorganisations – notably the New York Mercantile Exchange and Atlanta’sIntercontinentalExchange (Ice)

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