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CME Group to exit OTC credit default swap clearing business

Sept 14 (Reuters) - CME Group Inc, the world's largest futures market operator, said on Thursday it will exit its over-the-counter credit default swap (CDS) clearing business by mid-2018.

The company said it would dissolve the CDS guarantee fund following the exit, freeing $650 million to CDS clearing members.

CME said it would now focus its over-the-counter clearing services on interest rate swaps and foreign exchange.

(Reporting by Roopal Verma in Bengaluru; Editing by Sriraj Kalluvila)