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."
James talks about his trip to Chicago and some of the interesting topics that came up (including a look at disaster recovery demands). Then Anthony and James touch on ISDA's initial margin rules, with Phase 3 going live next year.Subscribe to Weekly Wrap emails