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ICE Unveils Same-Day Clearing for CDS Trades

IntercontinentalExchange Inc., which operates clearing houses and over-the-counter markets, announced the launch of Affirmed=Cleared, a platform that enables credit default swap trades to be cleared within minutes after execution.

IntercontinentalExchange Inc., which operates clearing houses and over-the-counter markets, announced the launch of Affirmed=Cleared, a platform that enables credit default swap trades to be cleared within minutes after execution.

The company said the platform was launched ahead of new rules requiring central clearing for OTC swaps trades under Dodd-Frank in the U.S., and the European Market Structure Regulation initiative. Once a trade is cleared, the parties involved in the transaction are notified in real-time through the ICE Link platform, the firm added.

"This brings ICE Link closer to how the world will work when swap execution facilities come into place in a post-Dodd-Frank and post-EMIR regulatory landscape," Clive de Ruig, the global head of ICE Link said in a statement. As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio

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