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 a comprehensive product offering, robust end-of-day pricing methodology and capital efficiencies generated through a sophisticated risk model, ICE Clear Credit provides customers a complementary solution while we help mitigate systemic risk in the marketplace.
Financial resources held at the clearing house, including margin and clearing member guaranty funds, total more than $49 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 and SEC in accordance with EMIR.
*For the latest financial resources please refer to the financial resources section.
|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||2,822,613||1,657,084||466,794||992||816,099||900,151||37,938||6,701,671|
|Gross Notional Cleared (trillion)||$131.643||$7.997||$4.397||$0.217||€ 29.461||€ 4.065||€ 0.734||$186.172|
|Buy-side Notional Cleared (trillion)||$91.261||$2.258||$1.288||$0.151||€ 3.106||€ 0.067||€ 0.009||$98.541|
|Open Interest (trillion)||$0.945||$0.429||$0.179||$0.052||€ 0.243||€ 0.143||€ 0.034||$2.047|
*Comprehensive data from launch through December 30, 2022. 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.
ICE’s OTC markets have played an important role in increasing transparency, liquidity and access to previously opaque and illiquid markets.
Efficiently and cost-effectively access CDS markets and manage risk by clearing Options on CDX North American Investment Grade and High Yield indices.
ICE Data Derivatives sources, validates and delivers CDS Single Name and Index pricing to a global financial client base to support workflows across trading, risk, pricing, research and compliance.