Company Website:
https://www.intercontinentalexchange.com/index
ATLANTA & NEW YORK -- (Business Wire)
Intercontinental Exchange (NYSE: ICE), a leading operator of global
exchanges and clearing houses and provider of data and listings
services, announced the transition of index credit default swap (CDS)
open interest from CME Group to ICE Clear Credit, ICE’s U.S.-based CDS
clearing house. This has been the first transition of its kind and it
follows CME Group’s announcement
in September 2017 that it was exiting the CDS business and would work
with customers to transition open positions to an alternate clearing
house.
“Our positions require an efficient, transparent and liquid
marketplace,” said Burke Malek, Director of Operations at Cerberus. “We
are pleased with the way our CDS positions have been seamlessly
transitioned to ICE Clear Credit.”
“This is the first time open interest has been successfully transitioned
between two CDS clearing houses,” said Stan Ivanov, President of ICE
Clear Credit. “We appreciate the cooperation we’ve received throughout
this process, particularly from CME, our regulators, our members and
clients for their continued support and confidence in our CDS clearing
services.”
ICE has also launched clearing for North American investment grade (IG)
and high yield (HY) index CDS instruments in its European clearing
house, ICE Clear Europe. Expanding to include these two families of
indices allows ICE Clear Europe to offer regional customers the ability
to access North American indices under European regulation.
“European customers have requested the ability to clear CDX index
products under the European regulatory regime and we are delighted to
respond to these requests. This is an important next step in the
on-going development of ICE’s CDS clearing service for European
clients,” said Finbarr Hutcheson, President of ICE Clear Europe.
Finally, ICE Clear Credit and ICE Clear Europe have both enhanced
systems to accept additional debt tiers to allow members and clients the
ability to clear CDS instruments under a new loss absorbing capacity
tier. This was in response to an industry-led initiative as market
participants look to trade CDS instruments on this new debt structure.
Launched in 2009, ICE Clear Credit and ICE Clear Europe CDS clearing
solutions offer clearing for more than 500 single name and index CDS
instruments based on corporate and sovereign debt, and have reduced
counterparty risk exposure by clearing more than $99 trillion in gross
notional amount, with open interest of approximately $1.6 trillion.
About Intercontinental Exchange
Intercontinental
Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company
formed in the year 2000 to modernize markets. ICE serves customers by
operating the exchanges, clearing
houses and information services they rely upon to invest, trade and
manage risk across global financial and commodity markets. A leader in
market data, ICE Data
Services serves the information and connectivity needs across
virtually all asset classes. As the parent company of the New
York Stock Exchange, the company raises more capital than any other
exchange in the world, driving economic growth and transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual property
rights of Intercontinental Exchange, Inc. and/or its affiliates is
located at http://www.intercontinentalexchange.com/terms-of-use.
Key Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation can
be accessed on the relevant exchange website under the heading “Key
Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 -- Statements in this press release regarding ICE's business
that are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of additional risks
and uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see ICE's Securities and
Exchange Commission (SEC) filings, including, but not limited to, the
risk factors in ICE's Annual Report on Form 10-K for the year ended
December 31, 2017, as filed with the SEC on February 7, 2018.
ICE-CORP
View source version on businesswire.com: https://www.businesswire.com/news/home/20180319005377/en/
Contacts:
ICE Media Contact:
Damon Leavell
Damon.Leavell@theice.com
212-323-8587
or
ICE
Investor Contact:
Warren Gardiner
Warren.Gardiner@theice.com
770-835-0114
Source: Intercontinental Exchange
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