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 the most comprehensive product offering, robust end-of-day pricing methodology and capital efficiencies generated through a sophisticated risk model, this clearing house enables us to serve your best interests while we help mitigate systemic risk in the marketplace. Financial resources held at the clearing house, including margin, clearing member guaranty funds and ICE’s own “skin-in-the-game,” total more than $17 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.

THE GLOBAL LEADER IN CLEARED CDS VOLUME

ICE CDS Clearing* ICE Clear Credit** ICE Clear Europe
Index Corporate Single Names Sovereign Single Names Index Corporate Single Names Sovereign Single Names Total***
Instruments 143 449 34 67 181 7 628
Number of Trades Cleared 1,345,472 876,612 168,898 532,569 727,080 24,100 3,674,731
Gross Notional Cleared $57.3 trillion $4.53 trillion $1.65 trillion €18.6 trillion €3.34 trillion $487 billion $92.1 trillion
Buy-side Notional Cleared $29.1 trillion $350 billion $141 billion €221 billion €21.5 billion $4.59 billion $29.9 trillion
Open Interest $562 billion $324 billion $160 billion €178 billion €228 billion $79.6 billion $1.60 trillion
Clearing Members 29 22 51

* Comprehensive data from launch through September 15, 2017. 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.
*** 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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