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is a European-based independent clearing house that serves major international exchanges, as well as a range of OTC markets. Based on 2012 figures cleared approximately 50% of the global interest rate swap market, and is the second largest clearer of bonds and repos in the world, providing services across 13 government debt markets. In addition, clears a broad range of asset classes including: commodities, securities, exchange traded derivatives, credit default swaps, energy contracts, freight derivatives, interest rate swaps, foreign exchange and Euro and Sterling denominated bonds and repos. 's members comprise a large number of the major financial groups including almost all of the major investment banks, broker dealers and international commodity houses. , being a clearing house, sits in the middle of a trade assuming the counterparty risk involved when two parties trade guaranteeing the settlement of the trade. To mitigate the risks involved
