ICE's OTC markets have played an important role in increasing transparency, liquidity and access to previously opaque and illiquid markets. ICE leveraged its OTC market history with its credit expertise to become a leader in trade processing and risk management for the global credit default swaps (CDS) market. In March 2009, ICE launched the world's first dedicated CDS clearing house, ICE Clear Credit. In July 2009, ICE Clear Europe introduced clearing for European CDS.

ICE Credit Derivative Groups

Credit Indexes – Futures & Options

OTC Credit Default Swaps

CDS Clearing

Credit Execution

  • Industry leading innovation, risk reduction, and new products & services
  • ICE Swap Trade offers the first & most advanced all access anonymous central limit order book for CDS
  • Creditex is the leading interdealer CDS broker offering voice & electronic execution

CDS Index Options Clearing

  • Efficiently and cost-effectively access CDS markets and manage risk
  • Options on CDX North American Investment Grade and High Yield indices
  • Leverages a similar approach to Single Name CDS and Index clearing to determine executable levels for Options and provide open, convenient access to daily prices
  • Innovative exercise and assignment capabilities provided to Self-Clearing Members, Futures Commission Merchants and Clients

Eris Credit Futures

ICE’s cash-settled futures contracts, based on the Eris product design, replicate the economics of credit default swaps and will trade at ICE Futures U.S. and clear at ICE Clear U.S.