SEC Approves ICE Trade Vault07.01.2021
Intercontinental Exchange, a leading global provider of data, technology, and market infrastructure, announced that ICE Trade Vault, ICE’s Trade Repository located in the United States, has received approval from the Securities and Exchange Commission as a security-based swap data repository (SDR) and securities information processor (SIC).
With this approval, ICE Trade Vault can now operate as a registered SDR for security-based swap (SBS) transactions in credit derivatives.
ICE’s Trade Repository ICE Trade Vault receives SEC approval as a security-based swap data repository. It now offers trade reporting services for single-name credit derivatives in the U.S.
Since launch ICE Trade Vault & ICE Trade Vault Europe have accepted 4.5 Billion+ trades.
— ICE (@ICE_Markets) June 30, 2021
ICE Trade Vault provides transparency to the SBS market and publicly disseminates trade information. Since launch, ICE Trade Vault and ICE Trade Vault Europe have collectively accepted more than 4.5 billion trades across energy, agricultural commodities, metals, credit, interest rates and equity derivatives.
“This approval from the SEC means that we can now offer customers trade reporting services for single-name credit derivatives in the U.S. and further expand the regulatory jurisdictions to which we offer services,” said Melissa Ratnala, Chief Operating Officer of ICE Trade Vault.
Through ICE’s trading platform and clearing houses, as well as through ICE eConfirm, ICE’s industry-leading electronic trade confirmation service, ICE simplifies trade data reporting requirements, helping customers achieve efficient and cost-effective compliance with reporting regulations. ICE eConfirm provides fast, accurate and legally binding confirmations for the over-the-counter (OTC) market.
ICE Trade Vault is already registered to provide trade repository services under the CFTC’s Dodd-Frank Act, UK EMIR, the Canadian Provincial Rules and Policies, and the Agency for the Cooperation of Energy Regulators (ACER) REMIT as a Registered Reporting Mechanism (RRM).
Single-name credit default swaps are much more transparent than in 2008.
The enhancement will significantly simplify optimisation hedge proposals.
Transport Currency settlement uses Euros for daily margin payments on cross-currency swaps.
Automation of agency novation while maintaining anonymity is a first of its kind for FX options.
Margining practices and non-default loss arrangements are regulatory themes.