Ice’s European CDS clearing house adds €175m to default fund in Q2

Members of Ice Clear Europe’s credit default service (CDS) had to put up more cash to cover the likely fallout if one of their number defaulted. Mandatory pre-funded contributions to the default fund climbed 17% to €1.19 billion ($1.3 billion) in the three months to end-June, to their highest level since public disclosure began in Q3 2015.

Over the same period, the central counterparty’s (CCP) own pre-funded contributions to the fund fell €575,892 (1.3%) to €43.9 million. Ice’s pre-funded

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