Intercontinental Exchange, Inc. has announced that ICE Clear Credit, ICE’s U.S.-based credit default swap (CDS) clearing house, has been granted Recognised Clearing House status from the Monetary Authority of Singapore with effect from December 7, 2018.
With this recognition, ICE Clear Credit becomes the first global CDS clearinghouse to be recognized in Singapore and now has the authority to on-board clearing members from Singapore for clearing of CDS contracts.
“I would like to thank the Monetary Authority of Singapore for this recognition,” said Stan Ivanov, President of ICE Clear Credit. “ICE Clear Credit is now the first global clearinghouse for credit default swaps in Singapore meaning that it can now have clearing members from Singapore and further serve our customers in the region. Singapore is the hub for our Asian business and this recognition will help us to expand our offering to customers across Asia and Australia.”
Launched in 2009, ICE Clear Credit and ICE Clear Europe CDS clearing solutions offer clearing for more than 500 single name and 160 index CDS instruments based on corporate and sovereign debt, and have reduced counterparty risk exposure by clearing approximately $110 trillion in gross notional amount, with open interest of approximately $1.6 trillion. ICE Clear Credit is recognized as a third-country CCP under the European Market Infrastructure Regulations by the European Securities and Markets Authority for products regulated by the Commodity Futures Trading Commission.