“Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” These words, spoken by Winston Churchill in 1942 during the Second World War, might be applied to the current battle for credit derivatives clearing.

The combatants have made their declarations in a series of announcements. IntercontinentalExchange was first, when it proclaimed an intention to use its London-based subsidiary, ICE Clear Europe, to clear euro-denominated credit default swap trades.