ICE Europe launches single name clearing and adds two members

IntercontinentalExchange has announced that ICE Clear Europe has launched clearing services for single-name credit default swap contracts after receiving regulatory approval in the UK. It has also signed up BNP Paribas and Nomura as CDS clearing members, effective immediately.

Nomura points out that it is the only member of ICE Clear Europe to represent the Asia region and is one of 13 financial institutions to gain membership to date. By clearing credit derivatives through the central counterparty, Nomura says its clients will benefit from reduced counterparty credit and operational risk and more secure collateral handling procedures.