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Intercontinental Exchange today announced that Royal Bank of Canada (RBC), Canada's largest bank by capitalisation and designated as one of the global systemically important banks, has become a clearing member at ICE Clear Credit LLC, the leading global clearinghouse for credit default swaps.
ICE Clear Credit provides a comprehensive product offering, robust mark-to-market services and state-of-the-art risk management approach. As a clearing member, RBC will have access to industry-leading solutions for clearing Single Name and Index CDS instruments, as well as CDS Index Option instruments referencing the major North American and European corporate indices.
"Our ability to access central clearing for the full range of our actively traded CDS products enables RBC to achieve significant capital and operational efficiencies across our CDS portfolios," said Santosh Sateesh, MD, Global Head of Credit Derivatives Trading at RBC.
"RBC is one of the largest banks in North America and globally, and we're very pleased to have them join ICE Clear Credit as a clearing member," said Stan Ivanov, President of ICE Clear Credit. "The addition of RBC to our world-class roster of clearing members brings an important participant to our ecosystem and builds on the leading liquidity we offer for global CDS markets."
Launched in 2009, ICE Clear Credit clearing solutions offer clearing for more than 500 Single Name and Index CDS instruments referencing corporate and sovereign debt and have reduced counterparty risk exposure by clearing over $330 trillion in two-sided notional amount, with open interest of approximately $1.75 trillion.
