HSBC Bank USA has been approved as a clearing member by the Board of ICE Trust, the clearing house for credit default swaps (CDS) governed by IntercontinentalExchange.
HSBC became operational with ICE Trust as of 25 May 2009. For the week ended 22 May 2009, ICE Trust cleared USD60 billion in notional value of CDX indexes. Since launch, ICE Trust has cleared 7,478 transactions, totaling USD646 billion of notional value and resulting in open interest of USD106 billion.
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