OTC Derivatives: Euro Crisis Gives Clearing a Boost
By Hal Weitzman
Published November 3 2011 FT
The collapse of Lehman Brothers in 2008 was undoubtedly devastating for the global financial industry and had profound effects on the economy. For CME Group, the biggest futures exchange in the US, it also gave rise to an important opportunity. The fear of counterparty risk provoked by the bank’s collapse held out the promise that the over-the-counter derivatives market – the value of which dwarfs listed markets – might be pushed to clear through central counterparty clearing houses – such as CME’s – providing the group with significant new business.
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