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.
The Global Leader in Cleared CDS Volume
| 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 | |
| Instruments/Reference Entities**** | 194 | 588 | 44 | 5,583 | - | - | - | 6,409 |
| Number of Trades Cleared | 3,151,822 | 1,852,484 | 518,597 | 1,757 | 835,273 | 922,344 | 39,379 | 7,321,656 |
| Gross Notional Cleared (trillion) | $147.036 | $8.975 | $4.885 | $0.381 | € 30.350 | € 4.229 | € 0.765 | $204.362 |
| Buy-side Notional Cleared (trillion) | $104.431 | $2.769 | $1.519 | $0.310 | € 3.347 | € 0.073 | € 0.010 | $112.879 |
| Open Interest (trillion) | $1.007 | $0.509 | $0.178 | $0.014 | € 0.000 | € 0.000 | € 0.000 | $1.707 |
| Clearing Members | 30 | 0 | 30 |
*Comprehensive data from launch through December 1, 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: ICE Clear Europe ceased CDS clearing October 2023.
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