IntercontinentalExchange, the Atlanta-based futures market, has become the first company to clear trades in the $27 trillion (€21 trillion) credit default swap market less than 10 days after launching a service. ICE has beaten rivals that set up CDS clearing services as early as three months ago.

Ice said its clearing house, known as Ice US Trust, guaranteed 91 CDS transactions worth $7.1bn last week, after launching on March 9.