Exchanges warn of dangers of central clearing

Compulsory central clearing is not a one-stop solution to the problems of the derivatives markets, and could end up crippling the industry, warned speakers at an industry event in London in June.

US Treasury secretary Timothy Geithner had been among the voices calling for central clearing of all "standardised" over-the-counter (OTC) derivatives trades, in a move aimed at reducing counterparty risk. But, speaking at the International Derivatives Expo, chief executive of Ice Clear Europe, Paul Swa

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