IntercontinentalExchange (ICE), the US-based electronic exchange group, is extending its lead in the race to clear credit default swap contracts on both sides of the Atlantic by announcing on Monday that its European CDS clearing house cleared 840 transactions worth €37.8bn in its first two weeks.

The parent company ramped up the operations of ICE Clear Europe in its second week, clearing 699 CDS index contracts with a notional value of €31.9bn, up from 141 transactions totalling €5.9bn in the prior week. Open interest reached €1.5bn, up from €382m a week earlier.