CDS Index Options Clearing
Access CDS markets and manage risk by clearing Options on North American CDX and European iTraxx indices. To ensure robust and transparent pricing, ICE Clear Credit has established an end-of-day price discovery process for Options and provides open, convenient daily access.
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Features & Benefits
Clear European style CDS Index Swaptions (Options) with physical delivery
- Options on the 5Y CDX.NA.IG, CDX.NA.HY, iTraxx Europe and iTraxx Europe Crossover indices
- Up to 9 months time to expiry
- Capital efficient portfolio margining of Index, Single Name and Option positions
- Innovative exercise and assignment capabilities provided to self-clearing members, Futures Commission Merchants and end-users
- Standardized credit-event cash flows
A robust and transparent end-of-day price discovery process
- Similar approach to Single Names and Index instruments
- Prices made publicly available daily
- Mark-to-market values and Initial Margin requirements established based on end-of-day levels
Leverage existing bilateral option workflows for dealer and client clearing
- Existing dealer-to-dealer and dealer-to-client workflows extended to include submission to clearing
- Affirmation and novation interoperability across multiple platforms
Clear European style CDS Index Swaptions (Options) with physical delivery
- Options on the 5Y CDX.NA.IG, CDX.NA.HY, iTraxx Europe and iTraxx Europe Crossover indices
- Up to 9 months time to expiry
- Capital efficient portfolio margining of Index, Single Name and Option positions
- Innovative exercise and assignment capabilities provided to self-clearing members, Futures Commission Merchants and end-users
- Standardized credit-event cash flows
A robust and transparent end-of-day price discovery process
- Similar approach to Single Names and Index instruments
- Prices made publicly available daily
- Mark-to-market values and Initial Margin requirements established based on end-of-day levels
Leverage existing bilateral option workflows for dealer and client clearing
- Existing dealer-to-dealer and dealer-to-client workflows extended to include submission to clearing
- Affirmation and novation interoperability across multiple platforms
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ICE's OTC markets have played an important role in increasing transparency, liquidity and access to previously opaque and illiquid markets.
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With a broad set of clearable instruments, robust end-of-day pricing methodology and a state-of-the-art, capital efficient risk model, ICE Clear Credit provides customers a comprehensive solution while helping to mitigate systemic risk.