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LCH.Clearnet plans to launch clearing services for Credit Default Swaps (CDS) in the Eurozone by December 2009, subject to regulatory approval. The service will be managed by Paris-based LCH.Clearnet SA, which is a Eurozone bank and regulated by the Banque de France.
The decision to launch a Eurozone CDS clearing offering is in response to both regulator and market demand.
Christophe Hémon, Chief Executive, LCH.Clearnet SA said: “We look forward to continuing to work with the European market to deliver innovative clearing solutions. Clearing is a highly effective means of reducing counterparty risk in any market and there is a real appetite within the Eurozone for a CDS clearing service.”