ICE Clear Credit Announces the Expansion of Its Index Option Clearing Services to Include J.P. Morgan
April 26 2022 - 7:30AM
Business Wire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global
provider of data, technology and market infrastructure, today
announced that J.P. Morgan is now offering clearing services for
client-executed Credit Default Swap (CDS) Index Options via ICE
Clear Credit.
“We’re pleased to expand our global clearing services to include
index options supported by J.P. Morgan,” said Stan Ivanov,
President of ICE Clear Credit. “Our partnership with Clearing
Members and end users continues to inspire our innovative thinking
and delivery of new cutting-edge risk management solutions.
Margining of index, single name and option instruments in one
capital efficient portfolio provides growth opportunities for the
ICE CDS derivatives complex.”
ICE Clear Credit supports the clearing of CDS index option
instruments referencing the major North American and European
corporate indices. This provides the opportunity for end-users to
add cleared CDS index options to their risk management
strategies.
“We are excited to offer our clients the ability to clear credit
index options at ICE Clear Credit,” said Paul Davidson at J.P.
Morgan. “The addition of options to the cleared product set is an
important step in offering credit derivative clients a
comprehensive clearing solution, allowing clients to achieve
further operational and risk management efficiencies through
clearing.”
“ICE Clear Credit’s state-of-the-art options approach delivers a
fully-centralized exercise-and-assignment platform with integrated
risk treatment of option and index positions, supporting a
disciplined, transparent and capital efficient market evolution,”
said Ian Springle, Head of Corporate Development, ICE Clear
Credit.
Launched in 2009, ICE Clear Credit clearing solutions offer
clearing for more than 500 single name and index CDS instruments
based on corporate and sovereign debt and have reduced counterparty
risk exposure by clearing over $283 trillion in two-sided notional
amount, with open interest of approximately $2.0 trillion.
For more information about ICE Clear Credit, please visit:
https://www.theice.com/credit-derivatives/options.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500
company that designs, builds and operates digital networks to
connect people to opportunity. We provide financial technology and
data services across major asset classes that offer our customers
access to mission-critical workflow tools that increase
transparency and operational efficiencies. We operate exchanges,
including the New York Stock Exchange, and clearing houses that
help people invest, raise capital and manage risk across multiple
asset classes. Our comprehensive fixed income data services and
execution capabilities provide information, analytics and platforms
that help our customers capitalize on opportunities and operate
more efficiently. At ICE Mortgage Technology, we are transforming
and digitizing the U.S. residential mortgage process, from consumer
engagement through loan registration. Together, we transform,
streamline and automate industries to connect our customers to
opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located here. Key Information Documents for certain
products covered by the EU Packaged Retail and Insurance-based
Investment Products Regulation can be accessed on the relevant
exchange website under the heading “Key Information Documents
(KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are “forward-looking
statements” that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the SEC on February 3, 2022.
SOURCE: Intercontinental Exchange
ICE-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20220426005522/en/
ICE Media Contact: Damon Leavell damon.leavell@ice.com
(212) 323-8587 media@ice.com
ICE Investor Contact: Mary Caroline O’Neal
marycaroline.oneal@ice.com (770) 738-2151 investors@ice.com
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