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New European CDS clearing service launched amid other threats of a ban

|Includes:BNPQY, CME, CRARY, Intercontinental Exchange, Inc. (ICE), NMR, NTXFF, SCGLY, UNCIF

Despite growing pan-European calls for a limited or even outright ban on CDS on the continent, LCH Clearnet's Paris division just launched a new credit default swap clearing service that just cleared its first trade today. Clearing European (and French) authorities are playing a double card with comments about a ban on one side meant to appease media and public outcry yet an internal drive and focus on increasing their share of the growing derivatives market at the expense of and in competition with future services from Eurex, CME and ICE Trust. The various services enjoy broad European bank support from banks that include BNP Paribas, Societe Generale, Credit Agricole, Natixis, UniCredito, Nomura.

Disclosure: long all stocks