SEC Approves Exemptions For 2 CDS Clearinghouses

Law360, New York (July 24, 2009, 2:27 PM EDT) -- The U.S. Securities and Exchange Commission has given the green light for ICE Clear Europe and Eurex Clearing AG to operate as central counterparties to clear credit defaults swaps in an effort to promote a regulatory framework for the over-the-counter derivatives that helped exacerbate the financial crisis.

On Thursday, the SEC approved temporary conditional exemptions from the Securities Exchange Act of 1934 to allow ICE Clear, a subsidiary of IntercontinentalExchange Inc., and Eurex, a derivatives exchange owned by Eurex Zurich AG, to operate as central counterparties...
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