IntercontinentalExchange Submits Swap Data Repository Registration to CFTC
ICE Trade Vault Prepares Energy and Commodities Data Repository for 2012 Launch
ATLANTA, Nov. 7, 2011 /PRNewswire/ — IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that it has applied to register its ICE Trade Vault service as a swap data repository (SDR) with the Commodity Futures Trading Commission (CFTC).
“ICE appreciates that regulators have initially focused on trade reporting and recordkeeping in OTC derivatives markets while implementing the Dodd-Frank Wall Street Reform Act,” said Chuck Vice, President and Chief Operating Officer of IntercontinentalExchange. “ICE Trade Vault will provide reporting compliance for our global customer base through a widely-accepted, proven method for capturing and reporting commodity trade data.”
ICE eConfirm will serve as the front-end application for the ICE Trade Vault SDR under the Dodd-Frank Act. ICE Trade Vault is slated to launch in the first half of 2012. The combination of ICE Trade Vault and ICE eConfirm will streamline reporting by employing processes and systems already in use by the industry. Participants in the commodity markets will be able to use the ICE eConfirm platform to submit non-cleared trades and end-user clearing exemptions in order to comply with new reporting requirements.
ICE Trade Vault is designed to deliver to market participants a cost-effective, easy-to-use, open access service that builds on ICE’s deep expertise across commodity markets, including energy and agricultural products. In applying for registration, ICE detailed extensive capabilities to perform as a SDR in accordance with core principles identified by the CFTC and the Dodd-Frank Act.
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world’s crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding IntercontinentalExchange’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, 2010, as filed with the SEC on February 9, 2011 and ICE’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, as filed with the SEC on August 3, 2011.