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Bedford, MA Office

32 Crosby Drive
Bedford
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London, UK Office

Fitzroy House, 13-17 Epworth Street
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Australia, Melbourne Office

1155 Malvern Road
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France, Paris Office

9 rue de Téhéran
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Ireland, Dublin Office

6 Georges Dock, 4th floor IFSC
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5th floor 28 boulevard Royal
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25, rue Kléberg
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New York, NY Office

100 William Street, 17th Floor
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White Plains, NY Office

100 Hillside Avenue
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Santa Monica, CA Office

2901 28th Street, Suite 300
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Hayward, CA Office

3955 Point Eden Way
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Singapore Office

1 Raffles Place #21-02 One Raffles Place
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2001-2005, 20/F The Center 99 Queen's Road Central
Hong Kong
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8 Hill Street St Helier
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Germany, Frankfurt Office

Sandweg 94
Frankfurt am Main
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Francisco Silvela 42 1a planta
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Switzerland, Zurich Office

Loewenstrasse 2
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Australia, Sydney Office

Suite 405/368 Sussex Street
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Japan, Tokyo Office

Kyobashi No. 8 Nagaoka Bldg. 1F 2-20-9 Hatchobori Chuo-ku
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Location Office

International House 1 St. Katharine's Way
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Italy, Rome Office

Via Cristoforo Colombo, 149
Rome
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Chicago, IL Office

600 West Fulton, 7th Floor
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New York, NY Office

100 Church Street, 11th Floor
New York
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UAE, Dubai Office

805, City Tower 2 Sh. Zayed Road
Dubai
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Lombard, IL Office

955 Parkview Boulevard
Lombard
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Australia, Melbourne Office

Level 36/2 Freshwater Place Southbank Boulevard Southbank
Melbourne
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Telephone

02072653703

Contact

tony cossey a cossey
[email protected]
Back to all Intercontinental Exchange announcements

ICE CDS Clearing Reaches $12 Trillion in Notional Cleared; ICE Clear Europe Announces New CDS Clearing Member

IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that its credit default swap clearing houses have cleared $12 trillion in gross notional value since inception. ICE Clear Europe also announced that UniCredit Bank AG was approved as a CDS clearing member and has begun clearing CDS transactions. UniCredit is ICE Clear Europe's 15th CDS clearing member. ICE Clear Europe launched CDS clearing on 27 July 2009 with 10 clearing members.

Jameson Miller, Global Head of Credit Trading, UniCredit Bank AG said: "We are extremely pleased to have been approved as a CDS Clearing Member of ICE Clear Europe. Clearing Membership represents a critically important strategic step for UniCredit Bank AG as it responds to the rapidly changing competitive and regulatory landscape and will enable us to provide enhanced service to our investor customers."

Through 21 September, ICE's CDS clearing houses have cleared $12 trillion in gross notional with aggregate open interest of $1.1 trillion. ICE Clear Europe has cleared euro 3.4 trillion ($4.6 trillion) of gross notional value of CDS transactions, including euro 530 billion in single-name CDS, resulting in euro 443 billion ($580 billion) of open interest. ICE Trust has cleared $7.4 trillion of gross notional value, including more than $3 billion in buy-side clearing and $455 in single name clearing, resulting in open interest of $494 billion.

Together, ICE Trust and ICE Clear Europe CDS clearing bring a common infrastructure to global CDS market participants within their respective regulatory jurisdictions, while leveraging clearing systems and risk management processes already in use by the industry. ICE's CDS clearing houses have established separate risk pools for CDS, including guaranty funds and margin accounts, as well as a dedicated risk management system and independent governance structures.