RBC Joins ICE Clear Credit's Clearing Member Network

Intercontinental Exchange, Inc. (ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced that Royal Bank of Canada (RBC), Canada's largest bank by capitalization and designated as one of the global systemically important banks, has become a clearing member at ICE Clear Credit LLC.

Introduced in 2009, ICE Clear Credit is a global clearinghouse for credit default swaps (CDS), providing clearing services for over 500 Single Name and Index CDS instruments referencing corporate and sovereign debt. As a clearing member of the credit derivatives clearing house, RBC now has access to ICE Clear Credit's industry-leading solutions for clearing single product and index CDS instruments, as well as CDS Index Option instruments referencing the major North American and European corporate indices.

Santosh Sateesh, MD, Global Head of Credit Derivatives Trading at RBC, said: "Our ability to access central clearing for the full range of our actively traded CDS products enables RBC to achieve significant capital and operational efficiencies across our CDS portfolios."

Stan Ivanov, President of ICE Clear Credit, added: "RBC is one of the largest banks in North America and globally, and we're very pleased to have them join ICE Clear Credit as a clearing member. The addition of RBC to our world-class roster of clearing members brings an important participant to our ecosystem and builds on the leading liquidity we offer for global CDS markets."

Royal Bank of Canada has been actively enhancing its global market position and recently received regulatory approval​ to proceed with its acquisition of HSBC Bank Canada.