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.

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 166 480 36 145 191 7 682
Number of Trades Cleared 1,620,080 1,032,529 236,461 587,011 770,554 28,077 4,274,712
Gross Notional Cleared $71.5 trillion $5.26 trillion $2.37 trillion €20.7 trillion €3.52 trillion $575 billion $111 trillion
Buy-side Notional Cleared $41.1 trillion $721 billion $372 billion €739 billion €39.1 billion $6.71 billion $43.1 trillion
Open Interest $633 billion $329 billion $188 billion €184 billion €189 billion $67.1 billion $1.65 trillion
Clearing Members 29 23 52

* Comprehensive data from launch through November 16, 2018. 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.