LCH plans to let banks clear self-referencing CDSs

Move will facilitate index arbitrage trades and put CDSClear one step ahead of rival Ice, note FCMs

Paris trading
CDSClear’s Soussan says the change will allow more clients to do index basis trades

LCH’s CDSClear is planning a shake-up of the cleared single-name credit default swaps market, with a proposed rule change that would allow members to clear client trades referencing their own creditworthiness.

The central counterparty issued fresh clearing procedures in December, stating futures commission merchants (FCMs) may clear single-name CDSs on their own bank – so called ‘self-referencing transactions’ – on behalf of clients, provided they pay sufficient margin to cover the inherent

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