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Exchanges mull CDSs.(NOW CLEAR THIS)

Futures (Cedar Falls, IA)

| December 01, 2008 | Birkner, Christine | COPYRIGHT 2009 Summit Business Media. (Hide copyright information)Copyright

The credit market meltdown stoked efforts to form central clearing facilities and trading platforms for credit default swaps (CDS). CME Group, the Intercontinental Exchange (ICE), NYSE Euronext and Eurex all have proposals in the works. On Oct. 7, CME Group and Citadel announced plans to launch a trading platform fully integrated with a central counterparty clearing facility for CDSs. Its proposal will use CME Group's clearing-house to clear the trades. Shortly after the announcement, Citadel gave up its place on the board of the Electronic Liquidity Exchange (ELX), but maintains its ownership stake.

CME Group is touting reliability and financial stability as two advantages of its proposal. "CME Clearing has long-term tested financial safeguards. Our proposed solution, unlike others, …

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