12 April 2010 - Gide Loyrette Nouel, legal counsel to LCH.Clearnet SA on the launch of its clearing service for credit defaults swaps:

On 29 March 2010, LCH.Clearnet SA announced the launch of its Euro-denominated clearing service for credit default swaps. This service is supported by France's leading banks and has been unanimously welcomed by the French securities regulator (AMF), the Banque de France, and the French Minister of the Economy, Industry and Employment.

This service, which will initially cover CDS on European indices (iTraxx), has been deemed to comply with European recommendations for managing central counterparty risks.

Gide Loyrette Nouel has advised LCH.Clearnet SA since it was first asked to consider setting up such a service in late 2008 by the French market regulators following recommendations from the Financial Stability Forum in April 2008. Gide's lawyers have worked closely with Valérie Guillaumin-Carré's team at the legal department of LCH.Clearnet SA on the initial conception of this new service: its strategic legal purpose, development and deployment by means of the CDS Clearing Rule Book.

The Gide Loyrette Nouel team, led by partner Alban Caillemer du Ferrage, brought in several of the Firm's associates from France and the United States, coordinated by Clément Saudo (associate, Paris).