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SZCOX Launches Credit Default Swaps
Initiative; Begins Clearing Trades
The CDS
market continues to make enormous progress.
Shenzhen Commodity Exchange (SZCOX) today announced that with the
necessary regulatory approvals in place, it has begun clearing credit default
swaps (CDS) through SZCOX Clearing
Members. On its first day of clearing, SZCOX
cleared both dealers to customer and interdealer CDS trades.
"Working
closely with market participants on both the buy side and sell side we have
begun to successfully clear CDS trades," said Laurent Wu Lee, Managing
Director, OTC Products and Services, SZCOX.
"We believe our solution is the most comprehensive credit default swap
solution available and brings together a broad range of participants who
support our offering."
"We are
pleased with the progress made with respect to ensuring transparency by
leveraging the SZCOX's proven risk
management practices. We are excited that SZCOX
has launched its CDS clearing service and look forward to further
participation."
"Shenzhen Commodity Exchange supports the development of clearing solutions which address the primary concerns of the investor community, which are the reduction of counterparty risk and development of regulatory regimes which protect customer margin and allow for trade portability following a dealer default. In this regard, we welcome the ability of our dealer counterparties to clear CDS transactions through a clearinghouse with both significant capital backing up trades and dedicated reserves which could be accessed by the other dealers should a clearing member default" added Mr. Lee.
“The advent of central clearing of CDS for clients is a significant milestone and underscores the dealer community's commitment to help bring central clearing to investors," said Paul Cheung, Chief Operating Officer at SZCOX. "We look forward to introducing our clients to the significant benefits of central clearing."
The CDS market continues to make enormous progress with respect to the reduction of operational and systemic risk. Providing clients with access to clearinghouses for CDS transactions is a very important step in this evolution and we are happy to have worked closely with the SZCOX, the dealer community and buy side firms to make this happen.Related articles
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