Credit Products

CDS Clearing Solution

Cleared OTC CDS

CME Group has created a real-time, open access clearing solution for OTC Credit Default Swaps, in close collaboration with premier swap dealers, clearing firms, and buy-side participants.

Key Benefits

  • Open access clearing solution for dealer-to-customer and interdealer Credit Default Swaps trades.
  • Integration of our straight-through-processing clearing model into the existing OTC market
  • Immediate cleared trade confirmation and settlement, leaving no window of credit exposure between bi-lateral counterparties
  • Ability to backload legacy positions into cleared trades


  • Leverage existing relationships and connectivity with CME Clearing members
  • Time-tested regulatory and portability framework protects both customer positions and margins in the event of clearing member default

Market Data

Product Offering


Cleared OTC CDS Product Slate

Product slate comprises the highest volume Markit CDX indices and their single-name constituents. They are designed to mirror bilateral OTC contracts with standardized fixed coupons as defined by ISDA, and adhere to ISDA DC resolutions.



  • Series 8: 7 and 10 year tenors
  • Series 9-11: 7 and 10 year tenors
  • Series 12-15: 5, 7 and 10 year tenors
  • Series 16-23: 3, 5, 7 and 10 year tenors


  • Series 12-23: 5 year tenor

Additional Expansions Coming Soon*

European iTraxx Main

  • Series 17 to OTR: 3, 5, 7 & 10 year tenors

European iTraxx XO

  • Series 17 to OTR: 5 Tenor

NA Single Names

  • 138 NA IG Constituents

European Single Names

* Pending regulatory approval


Cleared CDS Product Specifications





Swap Execution Facilities (SEF)

CDS Margining


Credit Default Swaps Information

Prices are % of par. Open Interest is the sum of the net notional outstanding per contract.
Volume is the sum of the notional for trades where both the buyer and seller agree to clearing the transaction. The figure is one sided.


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Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.