Intercontinental Exchange, a leading global provider of technology and data, 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.

Source: ICE