CDS Index Options Clearing

CDS Index Options Clearing

Access CDS markets and manage risk by clearing Options on the CDX North American Investment Grade and High Yield indices, with more indices to come.

To ensure robust and transparent pricing, ICE Clear Credit has established an end-of-day price discovery process for Options and provides open, convenient daily access.

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Features and Benefits

Clear European style CDS Index Swaptions (Options) with physical delivery

  • Options on CDX.NA.IG 5Y and CDX.NA.HY 5Y
  • Up to 9 months time to expiry
  • Capital efficient portfolio margining of Index, Single Name and Option positions
  • Innovative exercise and assignment capabilities provided to self-clearing members, Futures Commission Merchants and end-users
  • Standardized credit-event cash flows
  • A robust and transparent end-of-day price discovery process

  • Similar approach to Single Names and Index instruments
  • Prices made publicly available daily
  • Mark-to-market values and Initial Margin requirements established based on end-of-day levels
  • Leverage existing bilateral option workflows for dealer and client clearing

  • Existing dealer-to-dealer and dealer-to-client workflows extended to include submission to clearing
  • Affirmation and novation interoperability across multiple platforms
  • Find out more about ICE CDS Index Options

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