Launched in July 2009, ICE Clear Europe's CDS clearing operations serve the European credit default swap (CDS) markets. Managed separately from energy clearing, ICE Clear Europe's CDS clearing operations maintain a distinct clearing function, rulebook, membership and risk management model for European CDS instruments.
|ICE CDS Clearing*||ICE Clear Credit**||ICE Clear Europe***|
|Index||Corporate Single Names||Sovereign Single Names||Index Options||Index||Corporate Single Names||Sovereign Single Names||Total|
|Number of Trades Cleared||2,368,289||1,466,175||393,359||121||734,865||864,545||35,928||5,863,282|
|Gross Notional Cleared (trillion)||$109.219||$7.149||$3.811||$0.020||€ 26.392||€ 3.895||€ 0.706||$158.635|
|Buy-side Notional Cleared (trillion)||$72.082||$1.774||$0.975||$0.003||€ 2.310||€ 0.057||€ 0.008||$77.563|
|Open Interest (trillion)||$1.019||$0.393||$0.178||$0.009||€ 0.295||€ 0.142||€ 0.040||$2.156|
*Comprehensive data from launch through October 15, 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.
From October 2013, ICE Clear Europe will offer significant capital efficiency benefits by providing portfolio margining for European CDS positions with respect to both clearing member house/proprietary transactions, as well as client business.
At ICE Clear Europe, index and single name CDS are held in one account and portfolio margining allows market participants to save capital by offering margin offsets between index and single name CDS while maintaining strong risk management practices.
ICE Clear Europe's portfolio margined customer account:
Distinct pricing structure arrangements which include specific annual caps and floors on the total fees to be paid annually for all CDS clearing at ICEU and ICE Clear Credit are available to CDS Clearing Members. Further details are available to CDS Clearing Members upon request.