SEC forces Ice into single-name CDS clearing U-turn
Clearing house has been told its own rules prevent it from shelving buy-side clearing for single-name CDS contracts
Ice Clear Credit has been forced by the US Securities and Exchange Commission (SEC) to reverse a decision not to offer client clearing for single-name credit default swaps (CDSs). The central counterparty (CCP) announced that decision last month, blaming it on a new margin policy unveiled by the SEC, but the agency is understood to have told Ice that the company's own rules require it to accept the trades for clearing.
"The SEC has interpreted Ice's rules – in particular 309(g) – as requiring
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