Before the collapse of Lehman Brothers Holdings, LCH.Clearnet had long dominated the over-the-counter derivatives market in Europe. However, Lehman's issues and the response of leaders from the Group of 20 nations helped boost ICE Clear Europe to center stage of clearing in the region. "Competition in OTC clearing was really spurred by the G-20," said Paul Swann, president and chief operating officer at ICE Clear Europe. "The regulatory impetus from Pittsburgh brought central counterparty clearing to the forefront of agendas, starting with the credit markets, through to other asset classes, such as interest rates and FX."

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