ICE · 10-Q · 2026Q3 · Full report
CDS Clearing Demand
Intercontinental Exchange, Inc. · 2026-10-29 · Importance 41 · Surprise 48 · Matches filing data
CDS clearing revenues increased 11% for the nine months and 12% for the three months ended September 30, 2026, compared with the prior-year periods. The notional value of CDS cleared rose to $24.9 trillion from $19.7 trillion for the nine-month periods and to $8.8 trillion from $7.0 trillion for the third-quarter periods. ICE attributed the increase primarily to higher clearing volumes driven by elevated market volatility from geopolitical events.
Key facts
- CDS clearing rebates were $9 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively, and $6 million and $3 million for the three-month periods. source
- Notional value of CDS cleared was $24.9 trillion for the nine months ended September 30, 2026, versus $19.7 trillion in 2025, and $8.8 trillion for the three months, versus $7.0 trillion in 2025. source
- CDS clearing revenues increased 11% and 12% for the nine and three months ended September 30, 2026, respectively, compared with 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -0.1% | CDS clearing rebates were $9 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively, and $6 million… |