The Federal Reserve Bank of New York says it is holding a second meeting to discuss industry progress towards creating a credit derivatives central counterparty today. The New York Fed says that four potential clearing counterparties will be at the meeting: Eurex, NYSE Euronext, CME Group/Citadel and IntercontinentalExchange/Clearing Corporation. It says the Fed does not endorse any of these specific proposals but is seeking to accelerate market adoption of central counterparty services. Dealers, buy-side firms and regulators will also be at the meeting.

Meanwhile, Clearing Corporation and other firms announced today that they have signed a letter of intent to support their clearing initiative. Signatories are Clearing Corporation, IntercontinentalExchange, Markit Group, Creditex, T-Zero and RiskMetrics. It does not say which dealers if any have signed the letter. According to the announcement ICE Trust, a subsidiary of IntercontinentalExchange, will operate as a New York limited trust company and a member of the Federal Reserve system and function as the global clearinghouse and central counterparty.