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A-Team Insight Blogs

ICE Trust US Passes US$1 Trillion CDS Clearing Milestone

IntercontinentalExchange’s (ICE) ICE Trust US (ICE Trust) has passed the US$1 trillion milestone in cleared credit default swaps (CDS) since operations began on 9 March 2009.

Open interest at ICE Trust currently stands at US$145 billion, representing an 86% reduction in notional value outstanding. ICE Trust also set a weekly clearing record of US$247 billion in notional value for the week ending 12 June on transaction volume of 2,330 contracts. Since its launch, the total number of transactions cleared is 12,050.

The clearing house currently offers clearing for North American CDS indexes. The Federal Reserve and the New York State Banking Department have primary oversight responsibility for ICE Trust, which is also subject to oversight by the Securities and Exchange Commission pursuant to an exemptive order related to clearing CDS.

ICE is planning to expand clearing for buy side participants, add clearing for single name instruments and deliver its European CDS clearing solution in the coming weeks.

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