Banks plan first central clearer for credit derivatives

05/29/2008 | Financial Times (free content)

Eleven of the largest investment banks in the world, including Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup, plan to announce today that they plan to launch a central clearer for credit derivatives by September. The lack of a central clearer has created a systemic risk in the contracts as there is no guarantee for a payout.

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