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LCH.Clearnet, in London, has been clearing interest-rate swaps at low prices since 1999.
CME hopes to begin clearing interest-rate swaps this year and is vying for the business of Fannie Mae and Freddie Mac, two of the biggest buyers of these instruments.
In the aftermath of a debt crisis, excess saving associated with deleveraging may push the market-clearing interest rate below zero, such that fast recoveries are only possible in the presence of higher-than-normal inflation.
Alternatively, the market-clearing interest rate could fall below zero, leaving the central bank unable to move its policy rate low enough to generate adequate demand and trapping the economy in a prolonged slump.
Economist estimates (including some by Federal Reserve economists using Taylor rules) indicate that for much or all of the period from late 2008 to now the market-clearing interest rate in advanced economies has been negative, substantially so in some cases.
That is in Israel's clear interest.
It is in the clear interest of the United States.
And it is in Turkey's clear interest.
Fast ships are taking a relevant role with a clear interest for military purposes.
This represents a clear interest for a spatially diverse rather than uniform woodland management.
Results from this work are of clear interest in the design of bubble columns.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com