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ICE to buy clearing corp. as big banks support plan

Posted on 31 October 2008

From WSJ: The world’s largest investment banks are preparing to commit more capital to support the $55 trillion credit-default-swap market ahead of tighter regulation.

Thursday, nine large credit-default-swap dealers expressed support for a central clearinghouse being developed by derivatives-exchange-operator IntercontinentalExchange Inc. ICE, of Atlanta, said it is acquiring Clearing Corp., the Chicago company that dealers had earlier picked to set up a clearinghouse to guarantee their credit-default swaps….. Full Article: Source


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