Intercontinental Exchange (ICE), the leading global network of exchanges and clearing houses, introduced credit default swap (CDS) clearing for the following sovereign single names today: France, Germany and the United Kingdom.
ICE has been the leader in sovereign CDS clearing since launching sovereign names beginning in 2011. ICE Clear Credit now clears 21 sovereign names:
Across ICE Clear Credit and ICE Clear Europe, notional volume traded in sovereign CDS is up 23% year over year as of September 30.
In addition, ICE clears more than 400 corporate single name CDS and offers portfolio margining offsets against index products. Through September, ICE has introduced 43 new corporate single names for clearing during 2015.
“During 2015, we’ve more than doubled the number of buyside participants who clear single names and we’ve seen a 70% increase in volume over last year,” said Stan Ivanov, ICE Clear Credit President. “We look forward to continuing to work with our sellside and buyside customers as the single name market continues to migrate to clearing.”
ICE’s CDS clearing houses clear more than 500 single name and index CDS instruments based on corporate and sovereign debt. ICE launched the world’s leading CDS clearing houses in 2009 and has reduced counterparty risk exposure by clearing $70 trillion in gross notional amount of CDS instruments, with resulting open interest of approximately $1.5 trillion.