Eurex cuts no Ice
The July 31 deadline for central clearing of credit default swaps in Europe was successfully met by dealers and clearing platforms. Both Eurex and IntercontinentalExchange have launched clearing services in Europe, but take-up for Eurex’s has so far been slow. By Alastair Marsh
Exchanges and clearing houses have had their work cut out since a group of major dealers agreed with the European Commission (EC) in February to begin clearing eligible credit default swaps (CDSs) through central counterparties (CCPs) in the European Union (EU) by the end of July. As the deadline approached, two entities confirmed they would have clearing initiatives ready: Atlanta-based IntercontinentalExchange, which launched CDS clearing on its Ice Clear Europe platform on July 29, and
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