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ICE Clears $70 Billion In CDS
The Intercontinental Exchange said in April that it cleared $70 billion in CDS contracts in its first four weeks of operation as a CDS clearinghouse. The ICE US Trust is the only CDS clearinghouse in the country that is currently handling trades, at least for now.
CME Group, partnered with Citadel Investment Group, has also received regulatory approval to operate a CDS clearing platform, but its CMDX has yet to open for business.
CME Buys Hurricane Index
In April, CME Group announced the acquisition of the Carvill Hurricane Index from Carvill America Inc. The index underlies futures and options contracts listed with the CME and has been renamed the CME Hurricane Index.
The exchange has also enlisted risk management firm EQECAT as the index’s calculation agent. EQECAT uses risk modeling technology based on a storm’s velocity and radius to determine the index’s value.
NYSE, SGX Terminate JV
NYSE Euronext and the Singapore Exchange Ltd. (SGX) announced the termination of a joint venture signed by SGX and the American Stock Exchange, which has since been acquired by the NYSE. However, the two exchange groups said that they would continue to collaborate with each other. They also said there was no longer a need for the joint venture due to good relations between the two exchanges.
The joint venture dates back to 2001 and essentially created a platform for cross-listed U.S. ETFs to trade on the Singapore exchange. The platform will be terminated and the six ETFs listed on it will be migrated to the SGX’s main trading platform. All but one are U.S.-listed ETFs and include the SPDR S&P 500 (NYSE Arca: SPY) and the DIAMONDS (NYSE Arca: DIA). In all, the SGX says it has a total of roughly 30 listed ETFs.
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