ICE Clear Credit
North America's Leader in CDS Clearing
ICE Clear Credit is the world’s largest clearing house for credit default swaps (CDS). In March 2009, it became the world's first central counterparty to clear CDS, in response to calls for greater risk management in the credit derivatives markets. In July of 2011, in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, the clearing house became a CFTC-regulated Derivatives Clearing Organization (DCO) and SEC-regulated Securities Clearing Agency (SCA). Membership is open to institutions that meet objective financial and eligibility standards.
- Dynamic CDS clearing framework and reliable end of day pricing
- Capital efficiencies through leading risk management methodology and portfolio margining
- Dealer and buy-side clearing
- Subject to direct regulation and supervision by the CFTC and the SEC
|ICE CDS Clearing*||ICE Clear Credit**||ICE Clear Europe|
|Sovereign Single Names||Index||Single Names||Total****|
|Number of Trades Cleared||519,007||409,078||45,017||338,957||411,059||1,723,118|
|Gross Notional Cleared||$29.1 trillion||$2.47 trillion||$486 billion||€12.3 trillion||€2.05 trillion||$51.3 trillion|
|Buy-side Notional Cleared||$5.98 trillion||$2.19 billion||$321 million||€336 million||n/a||$5.98 trillion|
|Open Interest||$522 billion||$340 billion||$66 billion||€173 billion||€308 billion||$1.59 trillion|
|CDS Guaranty Fund***||$2.95 billion||$1.37 billion||$4.16 billion|
* Comprehensive data from launch through April 11, 2014. 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.
***As of December 31, 2013. ICE reports CDS Guaranty Fund amounts on a quarterly basis including cash/non-cash collateral.
**** 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.
|ICE OTC Credit - North America|