ICE

Clearing

ICE Clear Credit

When the need for a transparent risk management process in the credit default swaps market was identified, we responded by launching ICE Clear Credit – the world’s first CDS clearing house. With a comprehensive product offering, robust end-of-day pricing methodology and capital efficiencies generated through a sophisticated risk model, ICE Clear Credit provides customers a complementary solution while we help mitigate systemic risk in the marketplace.

Financial resources held at the clearing house, including margin and clearing member guaranty funds, total more than $33 billion*. ICE Clear Credit is regulated by the CFTC and SEC and has been designated a systemically important financial market utility by the Financial Stability Oversight Council. It is recognized as a third-country central counterparty for products regulated by the CFTC in accordance with EMIR.

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Efficiently and cost-effectively access CDS markets and manage risk by clearing Options on CDX North American Investment Grade and High Yield indices.

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ICE Data Derivatives sources, validates and delivers CDS Single Name and Index pricing to a global financial client base to support workflows across trading, risk, pricing, research and compliance.

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The Global Leader in Cleared CDS Volume

ICE CDS Clearing*

ICE Clear Credit**

ICE Clear Europe***

IndexCorporate Single NamesSovereign Single NamesIndex OptionsIndexCorporate Single NamesSovereign Single NamesTotal
Instruments/
Reference Entities****
17751339 816 14820071,545
Number of Trades Cleared2,331,807 1,443,837 387,252 99 727,160 861,671 35,806 5,787,632
Gross Notional Cleared (trillion)$106.308 $7.034 $3.735 $0.015€ 26.027 € 3.881 € 0.704 $155.080
Buy-side Notional Cleared (trillion)$69.588 $1.706 $0.933 $0.003 € 2.195€ 0.056 € 0.008 $74.824
Open Interest (trillion)$0.961 $0.379$0.174 $0.007€ 0.261 € 0.139€ 0.041 $2.032
Clearing Members293059

*Comprehensive data from launch through September 10, 2021. CDS clearing began at ICE Clear Credit (formerly ICE Trust) in March 2009 and at ICE Clear Europe in July 2009. **Indices include North American, European (iTraxx) and Emerging Market (CDX) instruments. Corporate single names include both North American and European instruments. All indices and single names are available for both client and dealer-dealer clearing. ***Indices include North American and European (iTraxx) instruments. All indices are available for both client and dealer-dealer clearing. ****Instruments for indices/index options; Reference Entities for single names.

Note: Because many instruments are listed for clearing at both ICE Clear Credit and ICE Clear Europe, the total instruments cleared is less than the sum of each column.

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