The FINANCIAL — Intercontinental Exchange announced record monthly notional value cleared for credit default swaps (CDS) in September, with over $1.75 trillion in gross notional and a daily record of over $450 billion cleared on September 20.
Additionally, ICE Clear Credit, ICE’s U.S.-based CDS clearing house, has launched clearing services for additional single name CDS instruments referencing emerging market and Asia-Pacific corporate and sovereign entities. This launch expands ICE’s CDS footprint and offers customers more diversified risk management services combined with capital and operational efficiencies, according to Intercontinental Exchange.
The following single-name CDS are now available for clearing through ICE Clear Credit effective Oct. 2, 2017:
Sovereign single names:
Kingdom of Saudi Arabia
Republic of Kazakhstan
Corporate single names:
Bank of China Limited
China Development Bank Corp (expected to be available Oct. 16)
Hutchison Whampoa Limited
ICICI Bank Limited
Macquarie Bank Limited
Petroleos Brazileiro S/A Petrobras
The Export-Import Bank of China
The Export-Import Bank of Korea
The introduction of these instruments supports the continued growth in sovereign CDS clearing, with ICE clearing over $390 billion notional volume through September, compared to $268 billion during the same period of 2016.
Launched in 2009, ICE Clear Credit and ICE Clear Europe CDS clearing solutions offer clearing for more than 500 single name and index CDS instruments based on corporate and sovereign debt and have reduced counterparty risk exposure by clearing more than $93 trillion in gross notional, with open interest of approximately $1.6 trillion.