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ICE and Clearing Corporation Provide Details of CDS Clearing Platform Plans

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Originally appeared in MiFID Monitor

Following last week’s announcement by CME Group and Citadel Investment Group about their clearing house joint venture, IntercontinentalExchange (ICE) and bank and broker consortium backed Clearing Corporation have released the details of their planned joint venture in the credit default swap (CDS) clearing space. The joint venture has been dubbed ICE Trust and is aimed at improving the infrastructure of the CDS market.

Clearing Corporation had already announced plans to launch its own clearing house with the Depository Trust & Clearing Corporation (DTCC) and released a statement last week that the platform was on course for launch in November. It is felt that the fact ICE, along with its Creditex and T-Zero subsidiaries, is joining the initiative, has lent credibility to the platform. Other players involved in the development of the platform include Markit Group and RiskMetrics.

As with the CME and Citadel joint venture, no details about which valuations providers will be chosen to act as pricing data sources have yet been released.

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