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Clear Credit

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.

Risk Awards

The Global Leader in Cleared CDS Volume

ICE CDS Clearing*ICE Clear Credit**ICE Clear Europe***
IndexCorporate Single NamesSovereign Single NamesIndex OptionsIndexCorporate Single NamesSovereign Single NamesTotal
Instruments/Reference Entities**** 190 54940 4,384 12718775,163
Number of Trades Cleared2,985,217 1,751,803 493,775 1,417 831,988 918,488 38,147 7,020,835
Gross Notional Cleared (trillion)$139.185 $8.479 $4.632 $0.303 € 30.160 € 4.201 € 0.739 $195.419
Buy-side Notional Cleared (trillion)$97.707 $2.495 $1.403 $0.233 € 3.305 € 0.072 € 0.009 $105.640
Open Interest (trillion)$1.020 $0.472 $0.171 $0.011 € 0.124 € 0.030 € 0.029 $1.870
Clearing Members302858

*Comprehensive data from launch through June 2, 2023. 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.

Related Information

ICE Credit Derivatives

ICE’s OTC markets have played an important role in increasing transparency, liquidity and access to previously opaque and illiquid markets.

ICE CDS Index Options Clearing

Efficiently and cost-effectively access CDS markets and manage risk by clearing Options on North American CDX and European iTraxx indices.

ICE Data Derivatives

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.