CME Group, Liffe and Eurex are still pressing ahead with plans to launch clearing services for over-the-counter credit default swaps, contrary to the implication of a story published by Risk News on Thursday November 13.
The story claimed that a source had said Intercontinental Exchange and the Clearing Corp’s central clearing counterparty for CDS would go live on December 2 for CDS indices. Single name CDS were expected to come online in the first quarter of next year.
The article also said the Clearing Corp, which has been bought by ICE, had “won the official blessing of the Federal Reserve Bank of New York to administer the CCP, beating three rivals” – Eurex, Liffe and CME.
But at the Futures Industry Association’s Expo conference in Chicago this week, Patricia White, associate director of the Federal Reserve Board, told delegates that the regulator was comfortable with approving...