NEW YORK--(BUSINESS WIRE)--Citi today cleared its first credit default swap (CDS) trades on ICE Clear Credit LLC in conjunction with that central counter party’s official launch. Since 2009, Citi has cleared over $6 billion in notional CDS for its clients across the legacy ICE platform, ICE Trust, and the Chicago Mercantile Exchange (CME). For interest rate swaps, the firm has cleared trades for four of five buy-side founding members of the Chicago Mercantile Exchange’s platform, and has also cleared interest rate swaps via LCH Swapclear’s U.S. and European solutions.
“Citi’s industry-leading derivatives clearing platform is well positioned for the changes anticipated under the Dodd-Frank Wall Street Reform and Consumer Protection Act,” said Jerome Kemp, Global Head of Listed Derivatives Sales and Clearing for Citi. “The build-out of our OTC clearing platform is a top priority. Citi established its multi-asset clearing business in 2008 and has been strategically investing in its people, technology and infrastructure ever since,” Mr. Kemp said.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.