Trade Information Warehouse (TIW)

TIW provides a centralized, secure infrastructure for the recordkeeping and lifecycle processing of cleared and bilateral credit derivatives, including the calculation, netting and settlement of eligible payment obligations.
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Trade Information Warehouse (TIW)

A Global CDS Infrastructure

Since 2006, TIW has served as the trusted industry infrastructure for the recordkeeping and lifecycle event processing of credit default swaps (CDS). Supporting market transparency, operational efficiency and risk mitigation, TIW delivers automated processing capabilities across three integrated service offerings: the Warehouse, Lifecycle Event Processing and Central Settlement.  

  • Global credit derivative transactions serviced

  • Trillion

    Gross notional outstanding

  • Thousand

    Counterparty accounts

  • Countries represented

Data as of Q2 2026

Key Features & Benefits

Centralized Trade Record

TIW maintains a single, legally confirmed version of each CDS contract, giving all participants access to consistent, up-to-date data and reducing reconciliation breaks.

Full Lifecycle Automation

Post-trade processes, including credit events, cash flows and contract updates are automated across the full lifecycle improving efficiency and lowering operational risk.

Standardization Across the Market

By enforcing consistent data, rules and workflows, TIW helps eliminate variability and supports predictable outcomes across participants to reduce breaks in post-trade processes.

Central Settlement Capabilities

Automated, multi-currency settlement through integrated services enables straight-through processing of contract obligations with minimal manual intervention.

Reduced Risk and Operational Friction

A centralized infrastructure reduces disputes, simplifies exception management and enhances transparency for complex CDS portfolios.

Scalable, Resilient Infrastructure

Modern cloud-based architecture supports high-volume activity and evolving market demands while maintaining performance and reliability.

TIW’s Integrated Capabilities

TIW’s robust infrastructure provides automated operational capabilities across three service offerings: the Warehouse, Lifecycle Event Processing and Central Settlement.

  • The Warehouse: TIW's Warehouse is a centralized, electronic database holding the most current details on the official, legally confirmed record for virtually all cleared and bilateral CDS contracts outstanding in the global marketplace.
  • Lifecycle Event Processing: This comprehensive electronic service automates all phases of post-trade processing for credit derivatives throughout their multiyear lifecycles.
  • Central Settlement: Through a partnership with CLS Bank International (CLS), TIW offers central settlement services for OTC credit derivatives contracts held at the Warehouse. Central settlement automates the exchange of payments in multiple currencies for bilaterally netted OTC CDS contracts, enabling the credit derivatives market to achieve straight-through processing of contract obligations from trade confirmation to settlement with virtually no manual intervention.

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