The CME Icebreaker
The Chicago Mercantile Exchange launched a clearing service for credit default swaps on December 15, with several major dealers and buy-side firms as founding members. Will it capture market share from rival IntercontinentalExchange? By Alastair Marsh
Close to a year on from the unveiling of the first clearing service for credit default swaps (CDSs), the Chicago Mercantile Exchange (CME) Group announced the launch of its own platform on December 15 last year. Of the four major exchanges that declared an intention to launch a central clearing house for credit derivatives during 2008, CME Group is by some distance the last to the party. NYSE Liffe was first to launch a service for European CDS index trades in December 2008, in conjunction with
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