 Sprecher's clearing house cleared their global credit default swaps (CDS) in exchange for sharing profits with these banks.By September 30, 2008 the Financial Post warned that the "$54000bn credit derivatives market faced its biggest test in October 2008 as billions of dollars worth of contracts on now-defaulted derivatives would be auctioned by the International Swaps and Derivatives Association .In his article in the "Financial Post", he described ICE as a "US-based electronic futures exchange" which raised the stakes on October 30, 2008 in its effort to expand in the $54000 bn credit derivatives market.