Cleared sovereign CDS volumes build as pandemic spreads
Ice clearing houses have handled the largest volumes of credit default swaps (CDS) on sovereign names since the start of the year, and beyond.
March 20 saw combined cleared volumes at Ice Clear Europe and Ice Clear Credit hit $8.7 billion – their highest since December 2, 2019, when they spiked to $34.3 billion. Average daily volumes (ADV) since February 28 have been $4.6 billion, compared with $1.9 billion for the rest of the year and $2.5 billion going back to January 2017.
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