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HSBC Bank USA has joined Intercontinental Exchange’s credit default swap clearing house ICE Trust US, as its 12th member.
On May 19, Royal Bank of Scotland also...
“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”
Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.