Market turmoil and the near failure of investment bank Bear Stearns have given a new meaning to the term counterparty risk, leaving futures exchanges with vertical clearing looking more desirable to investors and regulators alike.

The CME Group merger with the New York Mercantile Exchange announced last week puts together two strong exchanges with vertical clearing models and a broad product range. The merger will result in the absorption of Nymex’s over-the-counter clearing platform, Clearport, into CME’s clearing business.