The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

ICE Trust Claims Clearance of US$71 Billion in First Four Weeks

Share article

Following its launch on 9 March, IntercontinentalExchange’s clearing counterparty (CCP) for the credit default swap (CDS) market, ICE Trust, has cleared US$71 billion of CDS index contracts, says Dirk Pruis, president and chief operating officer of the CCP. ICE Trust was the first CCP to clear CDS transactions in the US market, as it gained regulatory approval from the Federal Reserve and the Securities and Exchange Commission (SEC) to launch a week before rival CME Group’s CCP offering.

Pruis hopes the next few months will see even greater volumes for the CCP: “Following the limitations on volume recommended by regulators during this initial phase, we anticipate a solid ramp in activity in the coming weeks as we continue to actively work with both buy and sell side institutions in expanding participation in ICE Trust.”

He reckons the first month represents an important milestone for the financial markets in reducing systemic risk due to increased transparency around clearing of these instruments. During its first four weeks, ICE Trust cleared 613 transactions totalling US$71 billion of notional value, and resulting in US$12.7 billion of open interest.

Related content

WEBINAR

Recorded Webinar: How to turn data lineage from a regulatory response into a business advantage

Regulatory initiatives increasingly require firms to put in place robust data lineage frameworks to aid in understanding the workings behind reported values. But data lineage can add business value beyond regulatory compliance. As they move to automate data lineage processes by incorporating metadata management into their frameworks, firms can start to benefit from enhanced data...

BLOG

Last Minute Preparations for SFTR: Are You Ready Yet?

The clock is ticking, and the initial SFTR deadline is barely a month away – but with delays, regulatory opacity and widespread industry concerns around the data challenges posed by such a substantial change, is an April implementation even achievable? Tactical approaches to compliance won’t be good enough. A strategic plan of attack is necessary...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual which took place in June 2020 was a huge success with over 1,100 delegates registered. We are currently working on our plans for 2021 and we hope to be back with an in-person event. Whatever the future holds you can guarantee our 2021 event will be back with an exceptional guest speaker line up of Regtech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment. Can't wait until 2021? make sure you sign up to our RegTech Summit Virtual, November 2020. More info...

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...