Central Banking

ICE's CDS clearing plan gets Fed's approval

The Fed has accepted a bid by ICE Trust - an amalgam of an exchange operator, a provider of clearing services and eight banks - to run a central counterparty and clearing house for the global credit-default-swap (CDS) market.

Under the arrangement, ICE Trust will act to reduce the risk associated with the trading and settlement of CDS transactions by assuming counterparty credit risk and enforcing participation standards and margin requirements. Setting up a central counterparty will also help

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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