Chicago common clearing: The Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) have announced a project to consolidate the two futures exchanges' clearing operations into a single entity.

The common clearing project, which was announced by the two exchanges last month, will be run by a joint subcommittee. The subcommittee will be chaired by Merton Miller, the Nobel-prize winning financial theorist.

"Business demands for cost reduction and operational efficiencies have made this

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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