Mystery clearing member delays ICEU’s CDS transition

But Ice is confident open interest will be close to zero when service shuts down in October


A single clearing member of Ice Clear Europe (ICEU) is holding up the transfer of open positions as the central counterparty prepares to shutter its credit default swap (CDS) service in October.

Firms that clear CDSs at ICEU have until October 27 to move their positions to either Ice Clear Credit in Chicago or LCH’s CDS Clear in Paris. Post-trade firm Osttra has handled most of the transfers via its triBalance service, while ICC is also moving positions out of ICEU through its Ice Link

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