Gearing for clearing



Credit derivatives market architecture has been resting on shaky foundations. In recent years, regulators have persistently targeted trade processing, confirmation and settlement in the credit default swap (CDS) market as something banks badly need to knock into shape. Concerns about counterparty risk have similarly come from numerous quarters. But through the near-collapse of Bear Stearns in March, the US subprime mortgage crisis has electrified efforts aimed at righting CDS market

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