Dealers and regulators: Who will blink first?

High noon for CDS Clearing

Midway through the first quarter of 2009, the situation regarding the development of a central counterparty for the clearing of credit derivatives remains confused, but what does seem clear is that a confrontation between European regulators and the derivatives industry appears to be building up behind closed doors.

Four rival institutions have plans to set up a clearing house, but, at the time of writing, only BClear, the OTC derivatives service run by Liffe, is operational. The other three sche

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