IntercontinentalExchange plans to allow banks, and is working to allow banks' customers, to combine margin used to clear credit default swaps trades. The move will reduce banks' costs to guarantee proprietary positions. "Customer portfolio margining is a key prerequisite to making CDS clearing attractive to clients," said Tom Benison, managing director at JPMorgan Chase. "Clients currently can avail themselves of offsetting trades in the bilateral world, so it's important that they have the same ability within the clearing framework."

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