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

View OTC CDS
Market Data

Product Offering

Resources

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.

Indices

CDX IG

  • 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

CDX HY

  • 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

 

Overview

Onboarding

Tools

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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