IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today announced that as of June 6 it has cleared more than $1 trillion in credit default swap (CDS) gross notional value by buyside participants since client clearing was launched in December 2009.
"We are pleased to provide buyside participants with the broadest offering of index, single name and sovereign products for clearing. This milestone is evidence of the market leading clearing service we have developed with the industry," said ICE Clear Credit President Christopher Edmonds.
ICE has worked closely with market participants to prepare for today's CFTC clearing deadline for category 2 firms.
"We appreciate the hard work and cooperation of our clearing members and their clients to prepare for implementation of clearing rules. Because of those efforts, and the significant resources and technology ICE has invested in CDS clearing over the past few years, the credit market is ready to meet Dodd-Frank's goal of reducing systemic risk through clearing," said Edmonds.
Through the end of May, ICE's CDS clearing houses have cleared a total of $41 trillion in gross notional value on a cumulative basis across 1.3 million trades with open interest of $1.5 trillion. ICE Clear Credit has cleared $24 trillion in CDS resulting in open interest of $823 billion. ICE Clear Europe has cleared EUR13 trillion ($17 trillion) in CDS resulting in EUR525 billion ($685 billion) of open interest.
ICE lists approximately 400 CDS instruments for clearing.