|
SEC Opens Door to Centralized Credit-Default Swaps
December 23, 2008
In an attempt to make what it sees as the shadowy dealings of the credit-default-swap market clearer to the outside world, the Securities and Exchange Commission today approved temporary exemptions that allow at least one firm, London-based LCH Clearnet Ltd., to operate as a central counterparty for the swaps.
The temporary exemptions will enable central counterparties like LCH.Clearnet and some of their participants "to implement centralized clearing quickly," according to the commission. Further, the SEC thinks the action will provide it with time to review the counterparty's operations and assess whether registrations or permanent exemptions should be granted in the future.
LINKS
|
|
