CME set to clear CMBX index swaps
Product to clear next year amid fears of falling liquidity from new non-cleared margin requirements
CME has begun exploring the possibility of clearing swaps referencing commercial mortgage-backed securities indexes (CMBX) centrally within the next nine months, according to several people familiar with the project.
The Chicago-based central counterparty (CCP) informed participants of its plans earlier this year, and plans to bring the product to clearing sometime in the first half of 2017. The move was sparked by cost increases stemming from the requirement to post margin on bilateral CMBX
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