Polish OTC clearer aims for 2012 launch as Europe fragments


Europe's over-the-counter derivatives markets should have their fifth central counterparty (CCP) by the end of June next year, when Poland's Warsaw-based national securities depository, Krajowy Depozyt Papierów Wartościowych (KDPW), launches a separate clearing business, KDPW_CCP. Over-the-counter CCPs currently operate in the UK, France and Germany – LCH.Clearnet's SwapClear, SwapClear SA and Eurex Clearing, respectively – and a fourth CCP is expected to open for business in Stockholm later

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