Intercontinental Exchange Introduces Single-Name CDS Trading Platform

ICE Swap launched for trading cleared single-name credit default swaps in a central order limit book.


Intercontinental Exchange (ICE) has launched ICE Swap, a new trading platform for single-name credit default swaps (CDS).

ICE Swap, a platform for trading cleared single name CDSs in a central limit order book, has already seen a number of trades executed by both buy-side and sell-side firms. The platform leverages CDS broker Creditex's technology and consolidates orders from buy-side and sell-side market participants to create a pool of liquidity for single-name CDS.

The platform offers users the choice to either remain anonymous or to reveal their identity after the trade is completed.

"ICE Swap is the only single-name CDS platform offering cleared-only liquidity across the credit spectrum while extending established electronic trading protocols to the entire CDS market," said Krishan Singh, president of ICE Swap Trade, in a statement. "We worked closely with a range of participants to optimize our protocols to improve liquidity, transparency, and confidence in this important market."

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