Credit default swap trading reaches clearing milestone

Dealers have started placing credit default swap trades executed with their clients into central clearinghouse ICE Trust. CME Group also is poised to start clearing trades of dealers' clients. JPMorgan Chase was the first bank to use ICE to clear a client trade. "We have pushed off from the dock and can now provide clients with the benefits of centralized clearing," said Dave Olsen, head of over-the-counter derivatives clearing at JPMorgan.

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