Freie Bahn durch Clearing
Die großen Kreditderivathändler entwickeln gemeinsam mit der Clearing Corporation eine zentrale Clearingstelle für den Handel mit OTC-Kreditderivaten. Wie funktioniert diese Initiative, und sind schon Konkurrenzprojekte in der Pipeline? Von Duncan Wood
Anfang 2007 nahmen eine Reihe Kreditderivathändler - Deutsche Bank, Goldman Sachs, JP Morgan, Lehman Brothers und Morgan Stanley - Gespräche über Konzepte für die effizientere Gestaltung des Markts auf. Vor allem das Kontrahentenrisiko galt als problematisch. Am Markt wanderten die Exponierungen gegenüber Unternehmen und Kreditderivatindizes von Händler zu Händler, was zu langen Transaktionsketten und undurchsichtigen Abhängigkeits-beziehungen führte. Könnten die Händler einen Teil dieser
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