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Centrally clearedderivatives;Clear and present danger 集中清算衍生品交易;迫在眉睫的危机; Clearing-houses may add danger as well asefficiency; 清算所的危险和效率料并行上升; Stock exchanges have not been lucky in loverecently. Deutsche Borse s proposed merger withNYSE Euronext was blocked by regulators inFebruary. Romances between the exchanges ofSingapore and Australia, and between the Toronto bourse and the London Stock Exchange, have also fizzled. 证券交易所近期的联姻不那么顺利。德国证券交易所与纽约泛欧交易所集团的合并提议2月份被监管当局否决。而新加坡和澳大利亚证券交易所的联姻以及多伦多证券交易所和伦敦证券交易所的联姻也都已搁浅。 Tired of such dalliances, the LSE has taken up with the plumber. On April 3rd itsshareholders backed its plan to take control of LCH.Clearnet, a big clearing-house.Clearing-houses are the back-room wizards of the exchange-traded securities andderivatives markets. They ensure that once a deal has been agreed upon it will be honoured,even if one of the parties goes bust. The 2008 financial crisis proved their worth. Interbankmarkets seized up because no bank knew how big a risk the other was carrying, but theclearing-houses had a much better idea of their exposures and could rapidly demand morecash or other collateral from counterparties. | 
