The chief executive of US derivatives market the Chicago Mercantile Exchange has defended the push by exchanges into new clearing services aimed at business traded over-the-counter, the latest move in an ongoing debate about the role of exchanges in these markets.
Craig Donohue told a panel of US senators that futures exchangesâ clearing services can help banks and brokers mitigate the risk of trading credit derivatives, without harming the ability of these financial companies to develop new products.