Reuters: Banks back mandatory CDS clearing: report

[chris]

Banks back mandatory CDS clearing: report
      

LONDON (Reuters) - Some of the world's top banks are backing a proposal to develop a mandatory central clearing system for the $55 trillion credit default swap (CDS) market, a report in the Financial Times said on Thursday. Dealer banks are stepping up efforts to back CDS clearing to head off a more radical overhaul, which includes a proposal to move trading of over-the-counter CDS on to an exchange, the report said, citing an internal Morgan Stanley email.<div class="feedflare">
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