Net benefit

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Concern about counterparty risk has led regulators to push for credit default swaps (CDSs) to be cleared via central counterparties. Since dealers first met to discuss the idea in early 2007, the road to central clearing for credit derivatives has been tortuous, with many ups and downs. Operational and technological challenges have been formidable, while the process has even ushered in a set of wholesale changes to standard CDS documentation and trading conventions (Risk April 2009, pages 18-221

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