The Royal Bank of Canada (RBC) has joined Intercontinental Exchange’s (ICE) credit default swaps clearinghouse, ICE Clear Credit, as a clearing member.
Following its membership, RBC will gain access to clearing solutions for single name and index CDS instruments, along with CDS index option instruments for major North American and European corporate indices.
ICE Clear Credit provides clearing services for more than 500 single name and index CDS instruments referencing corporate and sovereign debt. The clearing house offers a comprehensive product suite, mark-to-market services and strong risk management, it stated.
Stan Ivanov, president of ICE Clear Credit, said: “RBC is one of the largest banks in North America and globally, and we’re very pleased to have them join ICE Clear Credit as a clearing member. The addition of RBC to our roster of clearing members brings an important participant to our ecosystem and builds on the leading liquidity we offer for global CDS markets.”
Santosh Sateesh, managing director and global head of credit derivatives trading at RBC, added: “Our ability to access central clearing for the full range of our actively traded CDS products enables RBC to achieve significant capital and operational efficiencies across our CDS portfolios.”
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