Intercontinental Exchange has said it expects to begin clearing single name credit default swaps in September. The announcement came as chairman and CEO Jeff Sprecher said ICE’s rival, CME Group, should not decide position limits that governed the activities of ICE and other exchanges.
On a conference call with financial analysts yesterday (August 4), Scott Hill, ICE’s chief financial officer, said the bourse expected to roll out its suite of single name contracts one month before a scheme to encourage investors to participate in its CDS clearing house. So far only dealing banks have been able to use it.
“We launched our European CDS clearing just last week and our single name and customer segregated funds offering are expected to launch in September...