For derivatives exchanges, the credit crisis - and specifically, the near-collapse of Bear Stearns in March - has created an opportunity. Counterparty credit risk is the topic du jour, and bourses in Europe and the US are falling over themselves to offer a solution.

The rush was triggered by the announcement earlier this year that a dozen major dealers, in partnership with the Chicago-based Clearing Corporation, were planning to launch a clearing service for over-the-counter credit default sw

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