All Clear?
One of the biggest winners of the credit crisis is undoubtedly the system of clearing, with exchanges reporting a spike in volumes of cleared products. The IntercontinentalExchange (ICE) recorded an 11.5% increase in its cleared over-the-counter (OTC) energy contracts from the fourth quarter 2007 to the same quarter 2008. The Chicago Mercantile Exchange (CME), meanwhile, reports a 43% increase so far this year in OTC cleared products (taking into account the CME migration from its own CME
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