Final CDS volumes migrate from Ice Clear Europe
Majority of positions re-established at Ice Clear Credit, as transition overcomes hold-out fears
Credit default swap (CDS) open interest at Intercontinental Exchange’s shuttered European service has now been fully eradicated, after the final positions held at Ice Clear Europe (ICEU) were re-established at Chicago-based Ice Clear Credit (ICC).
Two clearing members described the transition as smooth, and that clients were transferred to alternative central counterparties (CCPs) without operational issues.
More than $400 billion of open interest (OI) needed to be re-established at
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