CHICAGO & LONDON--(BUSINESS WIRE)--IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that it will launch clearing for Markit iTraxx Senior Financials credit default swap (CDS) index instruments.
“We are pleased to extend our comprehensive product suite,” said ICE Clear Europe President Paul Swann. “By clearing the iTraxx financials index, we are further supporting risk management in the CDS market.”
ICE will clear the Markit iTraxx Senior Financial indices at both of its CDS clearing houses. Clearing at US-based ICE Clear Credit begins today and, pending completion of all relevant regulatory processes, at London-based ICE Clear Europe on March 24.
The Markit iTraxx Senior Financials Index references senior debt issued by the 25 financial entities represented in the Markit iTraxx Europe Index.
ICE clears more than 400 single name and index CDS instruments based on corporate and sovereign debt. ICE has cleared approximately $50 trillion in gross notional value of CDS to date, with open interest of approximately $1.5 trillion.
This month marks the fifth anniversary of ICE launching the world’s first CDS clearing house. ICE Clear Credit began clearing CDS in March of 2009 and ICE Clear Europe in July of 2009. Fact Sheet
“Since launching the first clearing house for CDS in 2009, we have been working with market participants and regulators to continually invest in the CDS space, eliminate systemic risk and develop new clearing services,” said ICE Clear Credit President Stan Ivanov.
iTraxx is a service mark and property of Markit and is used under license. ICE clearing services referenced in this release are not sponsored, endorsed or promoted by Markit or any of its affiliates.
About IntercontinentalExchange Group
IntercontinentalExchange Group (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
Trademarks of ICE and/or its affiliates include IntercontinentalExchange, ICE, ICE block design, NYSE Euronext, NYSE, New York Stock Exchange, LIFFE and Euronext. Information regarding additional trademarks and intellectual property rights of IntercontinentalExchange Group, Inc. and/or its affiliates is located at https://www.theice.com/terms.jhtml and http://www.nyx.com/terms-use.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE'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, 2013, as filed with the SEC on February 14, 2014.