Intercontinental Exchange, Inc., based in Atlanta, has selected Italian banking group, Intesa Sanpaolo S.p.A. as a clearing participant at ICE Clear Credit, specializing as a global clearinghouse for credit default swaps.
“As a valuable and active bank group in Europe, we’re extremely pleased to have Intesa Sanpaolo join as a clearing participant,” Stan Ivanov, President of ICE Clear Credit said. “The addition of Intesa Sanpaolo to the world-class roster of clearing participants delivers further depth to our services and paves the way to extend our offering to Italian financial institutions."
Ice Clear Credit offers a comprehensive slate of product offerings and mark-to-market services using a state-of-the-art risk management strategy.
The partnership will grant Intesa Sanpaolo access to Single Name and Index CDS instruments clearing solutions, and a catalog of CDS Index Option instruments related to the major North American and European corporate indices.
Specializing in financial technology and data services, Intercontinental Exchange, Inc., a fortune company, operates exchanges, including the New York Stock Exchange, and clear houses to help users invest, raise capital and manage risk across multiple asset types. The global provider of data, technology and market infrastructure’s “comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently,” a recent press release stated.
Established in 2009, ICE Clear Credit offers clearing solutions for over 500 Single Name and Index CDS instruments to help reduce corporate and sovereign debt and counterparty risk exposure. The company is credited with clearing over $283 trillion in two-sided notional amount, with open interest of about $2.0 trillion.
“At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration,” the press release continues. “Together, we transform, streamline and automate industries to connect our customers to opportunity.”