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 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.

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Products Cleared

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.

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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 65 181 7 626
Number of Trades Cleared 1,319,787 861,661 163,643 527,895 721,610 23,440 3,618,036
Gross Notional Cleared $56.2 trillion $4.46 trillion $1.59 trillion €18.4 trillion €3.32 trillion $474 billion $90.6 trillion
Buy-side Notional Cleared $28.2 trillion $313 billion $126 billion €185 billion €18.5 billion $4.58 billion $28.8 trillion
Open Interest $529 billion $310 billion $159 billion €170 billion €223 billion $77.9 billion $1.52 trillion
Clearing Members 30 22 52

* Comprehensive data from launch through July 21, 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.