Intercontinental Exchange (ICE), a global provider of technology and data, announced that Mizuho Americas, through its security-based swap dealer Mizuho Capital Markets LLC, has become a clearing member at ICE Clear Credit, the leading global clearinghouse for credit default swaps.
Mizuho Americas anticipates that joining ICE Clear Credit will enhance its product offerings and refine its approach to capital and risk management, leading to efficiencies across its credit default swap (CDS) portfolios. Natalya Rasmussen, Chief Operating Officer of the Fixed Income Division at Mizuho Americas, stated, “The opportunity to centrally clear products is an important step forward for our business and these operational improvements will amplify our strategic growth within the global credit derivatives market.”
As a clearing member, Mizuho Americas gains access to solutions for clearing Single Name, Index, and CDS Index Option instruments that reference major North American and European corporate indices. ICE Clear Credit, which ICE launched in 2009 to introduce centralized clearing to the CDS market, offers a comprehensive product suite, robust mark-to-market services, and state-of-the-art risk management.
Stan Ivanov, President of ICE Clear Credit, welcomed Mizuho Americas to the clearing network. “As the global CDS market continues to evolve, Mizuho’s addition strengthens our position as a service provider of deep liquidity, transparency, and resilience in today’s dynamic credit landscape, where effective risk management is paramount,” Ivanov commented.
ICE Clear Credit facilitates the clearing of over 670 Single Name, Index, and Index Option CDS instruments, referencing both corporate and sovereign debt. The clearinghouse has reduced counterparty risk exposure for trades with a combined notional amount exceeding $385 trillion, with current open interest at ICE Clear Credit surpassing $2 trillion.
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company providing financial technology and data services, including operating exchanges like the New York Stock Exchange and various clearing houses. Mizuho Americas is the Corporate and Investment Bank arm of Mizuho Financial Group (NYSE: MFG), one of the world’s largest financial institutions, offering a range of financial services across the Americas to corporate, government, and institutional clients.