Another small (at least for now) note on the status of a promised plan to set up a system for clearing the 35 Trillion dolars (notional value) of derivatives.

I haven't been following this since the original proposal, but now see that there are actually 3 firms trying to get approval. Maybe it's just my suspicious nature, but I can't believe that they are doing this as a public service.

The DOJ is apparently checking in to the background as a matter of course. My problem with this is that ICE is the company trying to get approval. ICE is the company that took derivative trading to Europe, so as to avoid the margin requirements in the US.

Confusing I suppose, but it looks like the fox is trying to get a job as security for the henhouse.
Derivatives Clearing Plan


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