Friday, 9 December 2016
Last updated 16 hours ago
Dec 29 2008 | 3:25am ET
A credit-default swap clearinghouse proposed by hedge fund giant Citadel Investment Group is a step closer to reality.
The Commodity Futures Trading Commission gave its approval to the joint venture by Citadel and the CME Group, the world’s largest futures exchange. Citadel and the CME plan to use the Chicago Mercantile Exchange’s existing clearing facility; a rival CDS clearinghouse proposed by a group of Wall Street giants plans to set up a separate clearing facility.
The CME-Citadel CDS clearinghouse could debut soon. A European clearing facility debuted last week.