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.

*For the latest financial resources please refer to the financial disclosure

Credit Derivatives

ICE Clear Credit clears index and single-name CDS instruments across North American, European and emerging markets and offers portfolio margining opportunities to help increase capital efficiencies.

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 173 482 36 144 199 7 691
Number of Trades Cleared 1,868,147 1,168,477 296,310 636,849 807,369 30,953 4,808,105
Gross Notional Cleared $83.8 trillion $5.92 trillion $2.94 trillion €22.7 trillion €3.67 trillion $635 billion $126 trillion
Buy-side Notional Cleared $51.4 trillion $1.08 trillion $606 billion €1.20 trillion €48.6 billion $7.71 billion $54.5 trillion
Open Interest $765 billion $344 billion $197 billion €231 billion €174 billion $55.7 billion $1.81 trillion
Clearing Members 29 30 59

* Comprehensive data from launch through November 29, 2019. 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.
**** 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.