IntercontinentalExchange (ICE), the US-based electronic exchange group, will announce on Monday that Royal Bank of Scotland is to become the 11th clearing member of its European credit default swaps clearing house.

ICE will also update the market on the progress of ICE Clear Europe, which launched three weeks ago. The group’s European clearing house processed 734 CDS transactions last week, with a total notional value of €50.8bn, up from 699 CDS index contracts with a notional value of €31.9bn the week before. Open interest reached €6.6bn, up from €1.5bn a week earlier.