What We Clear
CDSClear offers clearing services in the broadest range of European and US CDS products available in the market today.
- iTraxx Europe Indices – Main, HiVol, CrossOver and Senior Financials
- CDX North American Indices – IG and HY Indices
- Single Names – Constituent names of the above indices* – Including Single Names referencing Banks/Clearing Members**
- Credit Index Options - Industry first covering both interdealer and clients flows
- Portfolio margining across all Indices, Single Names and Options (subject to prevailing regulatory requirements)
*Please refer to the above Product Eligibility file for the exact list of Single Names eligible
**Self-referencing transactions are not allowed, however Clients may clear Single Name CDS referencing their Clearing Broker
CDSClear members can clear any of the 500 single name CDS contracts that reference the constituent names in the various CDS indices that we clear.
This includes bank single names and contracts referencing CDSClear Clearing Members. Self-referencing single name CDS transactions are not permitted to be cleared.
CDSClear offers clearing services on 127 European single names and 14 North American single names that are only available for clearing at our CCP.
CDSClear is also the only European CCP that offers clearing services on all of the constituent banks of the iTraxx Senior Financials index.
Euro-denominated European single name contracts pay coupons of 25 basis points, 100 basis points, 300 basis points or 500 basis points, depending on the reference entity.
US Dollar-denominated US single name contracts pay coupons of either 100 basis points or 500 basis points, depending on the reference entity, as per the terms of the Standard North American Contract.