Volume pop leads to higher IM at Ice Clear Europe CDS
Open interest in CDX contracts increased 78% in first nine months of 2019
Heavy trading of credit derivatives in the third quarter saw initial margin pile up at Ice Clear Europe’s credit default swap (CDS) service to €7.3 billion ($8.1 billion) at end-September, 17% higher than at end-June and the largest amount on public record.
IM attributable to client accounts stood at €1.4 billion, 45% higher than at end-June. IM for house accounts was €5.8 billion, up 11%.
Clearing volumes at the central counterparty (CCP) surged in the third quarter. The number of
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