Press release from PR Newswire
IntercontinentalExchange Announces Buyside Clearing Surpasses $1 Trillion in CDS Gross Notional
Monday, June 10, 2013
IntercontinentalExchange Announces Buyside Clearing Surpasses $1 Trillion in CDS Gross Notional09:00 EDT Monday, June 10, 2013
CHICAGO, June 10, 2013 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today announced that as of June 6 it has cleared more than $1 trillion in credit default swap (CDS) gross notional value by buyside participants since client clearing was launched in December 2009.
"We are pleased to provide buyside participants with the broadest offering of index, single name and sovereign products for clearing. This milestone is evidence of the market leading clearing service we have developed with the industry," said ICE Clear Credit President Christopher Edmonds.
ICE has worked closely with market participants to prepare for today's CFTC clearing deadline for category 2 firms.
"We appreciate the hard work and cooperation of our clearing members and their clients to prepare for implementation of clearing rules. Because of those efforts, and the significant resources and technology ICE has invested in CDS clearing over the past few years, the credit market is ready to meet Dodd-Frank's goal of reducing systemic risk through clearing," said Edmonds.
Through the end of May, ICE's CDS clearing houses have cleared a total of $41 trillion in gross notional value on a cumulative basis across 1.3 million trades with open interest of $1.5 trillion. ICE Clear Credit has cleared $24 trillion in CDS resulting in open interest of $823 billion. ICE Clear Europe has cleared ?13 trillion ($17 trillion) in CDS resulting in ?525 billion ($685 billion) of open interest.
ICE lists approximately 400 CDS instruments for clearing.
About IntercontinentalExchangeIntercontinentalExchange (NYSE: ICE) is a leading operator of regulated exchanges and clearing houses serving the risk management needs of global markets for agricultural, credit, currency, emissions, energy and equity index products. www.theice.com
The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe, ICE Clear Europe, ICE Clear Canada, ICE Clear US, ICE Clear Credit, ICE Futures U.S., and ICE OTC. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC on February 6, 2013.
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