More names for CDS clearing
April 10, 2017

Intercontinental Exchange, an operator of global exchanges and clearing houses and provider of data and listings services, from today has introduced clearing for additional credit default swaps (CDS) of US and European financial companies.

The following single-name CDS are now available for clearing through ICE Clear Credit: Bank of America Corporation; Barclays Bank PLC; BNP Paribas; Citigroup Inc; Credit Suisse Group AG; Deutsche Bank AG; The Goldman Sachs Group, Inc; HSBC Bank PLC; JPMorgan Chase & Co; Morgan Stanley; Societe Generale; UBS AG; Wells Fargo & Company; UniCredit, SPA.

ICE Clear Credit says the introduction of these reference entities follows recent enhancements to its recovery and default management rules and procedures that further strengthen the default management process, offering more protection for market participants. Additionally, ICE Clear Credit's risk management model provides capital efficiencies with portfolio margining through offsets between index instruments and their underlying constituents, and the ability to hold house and client U.S. dollar cash deposits in Federal Reserve accounts.

"The launch of clearing services for these single names is an important milestone for the global credit market as we continue to build transparency, confidence and robust risk management practices in the CDS market," said Stan Ivanov, President of ICE Clear Credit. "We have worked closely with market participants and regulators to ensure we offer the appropriate set of cleared financial instruments in the most robust and efficient clearing framework. We will continue to develop new services to offer the most comprehensive suite of cleared CDS instruments globally."

Newly published figures meanwhile show that the growth of single name clearing continues into 2017, with record open interest of over US$820 billion in combined ICE Clear Credit and ICE Clear Europe index and single name instruments during March. In addition, record buy-side single name notional volume in March was $68.5 billion, compared to $29 billion in November 2016, the last monthly volume record for single names.

Also for the first quarter of 2017, ICE set volume records in both buy-side single names and sovereign single names cleared. Buy-side single names set a record with $114 billion and sovereign activity saw a record of $188 billion in the first quarter of 2017, compared to previous records of $60 billion and $166 billion respectively, in the fourth quarter of 2016.





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Intercontinental Exchange, an operator of global exchanges and clearing houses and provider of data and listings services, from today has introduced clearing for additional credit default swaps (CDS) of US and European financial companies.

The following single-name CDS are now available for clearing through ICE Clear Credit: Bank of America Corporation; Barclays Bank PLC; BNP Paribas; Citigroup Inc; Credit Suisse Group AG; Deutsche Bank AG; The Goldman Sachs Group, Inc; HSBC Bank PLC; JPMorgan Chase & Co; Morgan Stanley; Societe Generale; UBS AG; Wells Fargo & Company; UniCredit, SPA.

ICE Clear Credit says the introduction of these reference entities follows recent enhancements to its recovery and default management rules and procedures that further strengthen the default management process, offering more protection for market participants. Additionally, ICE Clear Credit's risk management model provides capital efficiencies with portfolio margining through offsets between index instruments and their underlying constituents, and the ability to hold house and client U.S. dollar cash deposits in Federal Reserve accounts.

"The launch of clearing services for these single names is an important milestone for the global credit market as we continue to build transparency, confidence and robust risk management practices in the CDS market," said Stan Ivanov, President of ICE Clear Credit. "We have worked closely with market participants and regulators to ensure we offer the appropriate set of cleared financial instruments in the most robust and efficient clearing framework. We will continue to develop new services to offer the most comprehensive suite of cleared CDS instruments globally."

Newly published figures meanwhile show that the growth of single name clearing continues into 2017, with record open interest of over US$820 billion in combined ICE Clear Credit and ICE Clear Europe index and single name instruments during March. In addition, record buy-side single name notional volume in March was $68.5 billion, compared to $29 billion in November 2016, the last monthly volume record for single names.

Also for the first quarter of 2017, ICE set volume records in both buy-side single names and sovereign single names cleared. Buy-side single names set a record with $114 billion and sovereign activity saw a record of $188 billion in the first quarter of 2017, compared to previous records of $60 billion and $166 billion respectively, in the fourth quarter of 2016.



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