IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that its credit default swap (CDS) clearing houses surpassed $30 trillion in cumulative gross notional value during the clearing cycle ending April 26, 2012. ICE Clear Credit, ICE’s North American CDS clearing house, also announced that HSBC Securities (USA) Inc. was approved as a member of the clearing house.
Through April 26, ICE’s CDS clearing houses have cleared $30.1 trillion in gross notional value with aggregate open interest of $1.6 trillion. ICE Clear Credit has cleared $17.5 trillion in gross notional value, resulting in open interest of $914 billion. ICE Clear Europe has cleared euro 9.9 trillion ($12.6 trillion) of gross notional value, resulting in euro 551 billion ($728 billion) of open interest.
ICE Clear Credit began clearing CDS in March 2009 and offers clearing on 46 indexes and 132 single-name instruments, including four Latin America sovereign single-name CDS. ICE Clear Europe began clearing CDS in July 2009 and offers clearing on 42 indexes and 121 single-name instruments.
HSBC Securities (USA) Inc. is the North American futures commission merchant (FCM) unit of HSBC. HSBC Bank USA, N.A. became a member of ICE Clear Credit in May 2009 and remains a clearing member. As an FCM, HSBC Securities (USA) Inc. will be eligible to clear buy-side transactions through ICE Clear Credit. With the addition of HSBC Securities (USA) Inc., ICE Clear Credit has 27 clearing members, including 12 FCMs. ICE Clear Credit introduced buy-side clearing in December 2009 and has cleared nearly $15 billion in customer transactions through April 26.
