IntercontinentalExchange clearing house clears $71 billion CDSs in first month

By Angela McDaniels

Tacoma, Wash., April 6 - IntercontinentalExchange, Inc.'s ICE Trust has cleared $71 billion in North American credit default swaps in its first four weeks of operation, according to a company news release.

The trust cleared 613 transactions resulting in $12.7 billion of open interest.

ICE began clearing CDS index contracts through ICE Trust on March 9.

ICE Trust is the industry's first and only CDS clearing house to process transactions, according to the release.

"Following the limitations on volume recommended by regulators during this initial phase, we anticipate a solid ramp in activity in the coming weeks as we continue to actively work with both buy- and sell-side institutions in expanding participation in ICE Trust," Dirk Pruis, president and chief operating officer of ICE Trust, said in the release.

Atlanta-based IntercontinentalExchange operates regulated exchanges, trading platforms and clearing houses.

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