ICE Clear Europe CDS
Clearing the Way For European Credit Markets
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.
- Dynamic CDS clearing framework, providing same day clearing and reliable end-of-day pricing
- Capital efficiencies through leading sophisticated risk model
- Oversight and Recognised Clearing House by the Bank of England and a Derivatives Clearing Organisation in the U.S. under the CFTC, as well as oversight by the Securities and Exchange Commission
The Global Leader in Cleared CDS Volume
|ICE CDS Clearing*||ICE Clear Credit**||ICE Clear Europe|
|Sovereign Single Names||Index||Single Names||Total****|
|Number of Trades Cleared||478,031||397,552||41,537||330,152||384,442||1,631,714|
|Gross Notional Cleared||$27.6 trillion||$2.41 trillion||$453 billion||€12.0 trillion||€1.95 trillion||$49.2 trillion|
|Buy-side Notional Cleared||$4.87 trillion||$1.75 billion||$111 million||€277 million||n/a||$4.87 trillion|
|Open Interest||$489 billion||$352 billion||$64 billion||€163 billion||€283 billion||$1.51 trillion|
|CDS Guaranty Fund***||$2.79 billion||$1.37 billion||$4.16 billion|
* Comprehensive data from launch through February 28, 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.