The Trade: Clearing house technology massively outdated, says ICE Clear Europe head

Clearing houses will have to significantly revamp their technology in order to serve an increasingly cleared derivatives world, according to the head of ICE Clear Europe.
Speaking at the FIA IDX conference in London Paul Swann, CEO of ICE’s European clearing house, said that current systems used by central counterparties (CCPs) will not be able to facilitate increasing volumes of cleared OTC derivatives products.
“We are operating on in many cases 20 or 30 year old technology, and there are many inherent inefficiencies imbedded in some of the technology we use. So there are limitations around how we change our services to service new demands. Specifically from the OTC market where our traditional processes do not translate well,” said Swann.
The full article is available at http://www.thetradenews.com/Post-trade/Clearing-house-technology-massively-outdated,-says-ICE-Clear-Europe-head/

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