Intercontinental Exchange has agreed a deal to buy the Clearing Corporation, as the Atlanta-based exchange prepares to fight for a leading place in clearing the credit default swaps market.
Earlier this month ICE formed a joint venture with CCorp and partners to launch an on-exchange clearing service for privately negotiated CDS contracts.
At that time, ICE and CCorp agreed to form ICE US Trust, a bank, with the support of CCorp shareholders Bank of America, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS.
A corporate restructuring in December 2007...