Ice and LCH declare victory as CDS migration nears end

Ice retains lion’s share of positions at shuttered European CDS service, but LCH gets more clients

LCH and Ice migration
Image: montage

The majority of positions lodged in Ice’s soon-to-be-closed European credit clearing operation have found homes in its US entity with around half of the transition complete, but rival LCH claims to have seized the bulk of client relationships.

By gross notional, just under 65% of volume from Ice Clear Europe (ICEU) has gone to Ice Clear Credit with LCH SA’s CDSClear taking 35%, according to post-trade firm Osttra, which is handling the migration via its triBalance arm. By tickets, the split was

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