Clearing

Portal combat

The first central clearing houses for credit default swaps were expected to start business in December, but regulatory hold-ups delayed the launch in the US and are also causing issues in Europe. Although four ventures are planned, some dealers expect…

Breath of Liffe

Amid fierce competition and regulatory scrutiny, the combined initiative by derivatives exchange Liffe and clearing house LCH.Clearnet for clearing credit default swaps was launched on December 22. Will the two companies have a first-mover advantage? By…

Cash-settlement auctions working, says Isda

The auction process for cash-settling credit derivatives trades has been tested recently but is working well, said Bob Pickel, chief executive of the International Swaps and Derivatives Association, at a symposium held by the organisation in New York on…

Liffe prepares for CDS clearing launch in US

London-based derivatives exchange Liffe, which launched its joint central clearing solution with LCH.Clearnet for credit default swaps (CDSs) in Europe on December 22, will roll out the service to US customers in the next few weeks.

European talks stall on CDS clearing

The European Commission's initiative to move the majority of over-the-counter credit default swaps (CDS) onto central clearing facilities has stalled after failing to get written commitments from certain parties.

CME awaits SEC approval for CDS clearing

The launch date for the Chicago Mercantile Exchange (CME) Group's credit default swap (CDS) clearing platform remains unclear, almost two weeks after it received the green light from two US financial regulators.

Portal combat

The first central clearing houses for credit default swaps were expected to start business at the beginning of December, but hold-ups in regulatory approval delayed the launch in the US. With four ventures now due to take off within months of each other…

CDS clearing house to miss November 30 deadline

The November 30 target for central clearing of index credit default swap (CDS) trades set by a consortium of industry associations and investment banks is unlikely to be met, sources within the Federal Reserve Bank of New York have said.

Lawmakers take aim at CDS market

Regulators have been threatening the credit derivatives market with draconian new legislation in a bid to curb practices that supposedly exacerbated the current turmoil. But the lawmakers' belligerent comments are somewhat akin to closing the windows…

Chris Crowley

October was the month that the credit event auction process was tested to its limits, with Lehman Brothers, Fannie and Freddie, and WaMu all undergoing settlement. Credit spoke to the strategy manager at Creditex to find out how the process bore up…

DTCC closes out over $500 billion of Lehman exposure

The Depository Trust & Clearing Corporation (DTCC), which provides post-trade clearing and settlement services in the US capital markets, has completed the largest close out in its history, clearing over $500 billion of market participants’ exposure to…