IntercontinentalExchange (NYSE:ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that ICE Trust U.S. (ICE Trust) has surpassed $1 trillion in cleared credit default swaps (CDS) since operations began on March 9, 2009.
Open interest at ICE Trust currently stands at $145 billion, representing an 86% reduction in notional value outstanding. ICE Trust also set a weekly clearing record of $247 billion in notional value for the week ending June 12, on transaction volume of 2,330 contracts. Since launch, the total number of transactions cleared is 12,050.
ICE Trust is owned and operated by ICE and maintains an independent governance structure. The clearing house currently offers clearing for North American CDS indexes. The Federal Reserve and the New York State Banking Department have primary oversight responsibility for ICE Trust, which is also subject to oversight by the Securities and Exchange Commission pursuant to an exemptive order related to clearing CDS. ICE Trust also operates pursuant to exemptive relief from the U.S. Department of the Treasury and has provided information to the U.K. Financial Services Authority and the Commodity Futures Trading Commission.
ICE continues to work closely with industry participants and regulators to expand clearing for buyside participants, add clearing for single-name instruments and deliver its European CDS clearing solution in the coming weeks.