Wednesday, December 16, 2009

CME Backs $119 Million in Credit Swaps on First Day of Clearing

Original posted on Bloomberg by Matthew Leising:

CME Group Inc., the world’s largest futures exchange, guaranteed $119 million in credit-default swaps yesterday in its first day of backing the trades through its clearinghouse.

The cleared trades were in Markit CDX North America Investment Grade Index Series 12 and Series 13 index contracts, according to Chicago-based CME Group’s Web site. The exchange plans to release the notional value, open interest and settlement prices of the credit swaps it processes the day following the transactions.

CME Group competitor Intercontinental Exchange Inc. has guaranteed more than $4.3 trillion of the contracts with its two clearinghouses since March.

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