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Intercontinental Exchange, Inc. (NYSE: ICE), a global provider of technology and data, has announced that RBC Capital Markets, LLC (RBC), a subsidiary of Royal Bank of Canada, has joined ICE Clear Credit as a Futures Commission Merchant (FCM) clearing participant.
RBC Capital Markets, LLC, becomes the first FCM with a Canadian parent company to participate in ICE Clear Credit, which is recognised as a leading clearinghouse for credit default swaps (CDS).
Eric Aldous, Head of Futures at RBC Capital Markets
Eric Aldous, Head of Futures at RBC Capital Markets, said: "We are excited to announce the launch of Credit Default Swap clearing on ICE Clear Credit. This builds on our FCM offering and complements our capabilities for Futures and Interest Rate Swaps, deepening our client relationships and providing new growth opportunities."
Stan Ivanov, President of ICE Clear Credit
Stan Ivanov, President of ICE Clear Credit, commented: "We’re pleased to welcome RBC Capital Markets as an FCM at ICE Clear Credit. Their participation reflects the growing demand for resilient and capital efficient risk management services and highlights the critical role central clearing plays in supporting healthy, transparent and competitive markets. As regulatory and capital requirements evolve, we remain committed to providing robust clearing solutions that enhance market integrity and meet the needs of clearing participants worldwide."
ICE Clear Credit, launched in 2009, was established to bring centralised clearing to the CDS market. The platform currently supports the clearing of more than 650 Single Name, Index, and Index Option CDS instruments, referencing both corporate and sovereign debt. According to ICE, its clearing operations have reduced counterparty risk exposure across trades with a combined notional amount exceeding $385 trillion, and current open interest at ICE Clear Credit stands at over $2 trillion. ICE Clear Credit is described as the most widely used, diversified, and capital efficient CDS clearing service in the market.
Intercontinental Exchange, Inc. is a Fortune 500 company that designs and operates digital networks connecting participants to opportunities across major asset classes. ICE’s portfolio includes futures, equity, and options exchanges, such as the New York Stock Exchange, as well as clearing houses and data services. The company’s fixed income, data, and execution capabilities are designed to streamline processes and support clients in capitalising on market opportunities. ICE Mortgage Technology is also noted for its role in transforming U.S. housing finance.
The announcement also included a standard safe harbour statement regarding forward-looking statements and risks, referencing ICE’s filings with the U.S. Securities and Exchange Commission.
