CME, Ice tread nuanced path to US Treasury clearing

CME floats “hybrid” model, Ice commits to agent clearing, while LCH is yet to reveal its hand

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CME Group and Ice are pitching subtly different access models for their proposed US Treasury clearing houses.

CME has in recent weeks briefed key stakeholders – including banks, broker-dealers and hedge funds – on preliminary plans for its proposed central counterparty (CCP) for US Treasury trades.

A clearing executive at a large US bank describes CME’s proposal as a “hybrid” approach that will allow banks and broker-dealers to offer US Treasury clearing as a standalone service or bundle it with

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