ICE Clear Credit Is First CDS Clearing House to Process More Than $1 Trillion USD Notional Amount in One Day
ATLANTA & NEW YORK–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that ICE Clear Credit processed a record of more than $1.1 trillion USD equivalent notional amount of credit default swap (CDS) instruments on Friday, September 20 – the most ever cleared in a single day by any CDS clearinghouse. As part of that, a record daily notional amount of $900 billion from client-related CDS transactions was cleared.
“The crossing of the $1 trillion USD equivalent notional amount milestone during one clearing day is a great testimony of our ability to support the ever-evolving CDS marketplace,” said Stan Ivanov, President of ICE Clear Credit. “The client-related notional amount of more than $900 billion unequivocally demonstrates the depth of our cleared CDS instrument liquidity pool and the choice by clients to use our CDS services.”
ICE Clear Credit was founded during the financial crisis in 2009 to bring confidence and stability to the CDS market. Since then, it has become the leading global clearing house for credit derivatives, including Single Name and Index CDS instruments, and options on index CDS. ICE Clear Credit offers clearing for more than 650 Single Name and Index CDS instruments referencing corporate and sovereign debt, and has reduced counterparty risk exposure by clearing more than $350 trillion in two-sided notional amount, with open interest of over $1.8 trillion.
ICE Clear Credit also recently announced plans to launch a clearing service for all U.S. Treasury securities and repurchasing agreements. The Treasury clearing service will be established as a distinct offering from the current CDS clearing service, and will have a separate rulebook, membership, risk management framework, financial and liquidity resources, and risk committee.
For more information about ICE Clear Credit, please visit: https://www.theice.com/credit-derivatives/options.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.
Category: Fixed Income and Data Services
SOURCE: Intercontinental Exchange
ICE-CORP
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