Clear benefits


Over the past year, regulators across the globe have justified their push for central clearing of over-the-counter derivatives trades by pointing to the advantages of reduced counterparty credit risk. But for London-based interdealer broker Icap, the benefit of a centrally cleared market will be rather more concrete.

"Clearing is undoubtedly a very attractive development as far as Icap is concerned," acknowledges the company's chief operating officer, Mark Yallop. "It cuts the processing cost fo

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