Gearing for clearing

Dealer-led plans for a credit derivatives clearing house continue apace, while several competitors have also made public their intentions to clear credit derivatives. What benefits could the rival schemes bring? Mark Pengelly investigates


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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