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ICE CLEAR Credit Recognized as Third Country CCP Under EMIR

Written by John D'Antona | Oct 3, 2016 1:05:18 PM

theice.com- ATLANTA & NEW YORK–Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that ICE Clear Credit was recognized as a third-country central counterparty (CCP) for products regulated by the U.S. Commodity Futures Trading Commission (CFTC) in accordance with the European Market Infrastructure Regulation (EMIR).

Additionally, the European Securities and Markets Authority (ESMA) gave further relief for security-based swaps, which are regulated by the Securities Exchange Commission, while they work toward an equivalence determination.nd the world including Europe, the U.S. and Asia. ESMA’s recognition of ICE Clear Credit will allow us to continue to provide capital efficient clearing services that support our customers’ risk management activities by delivering portfolio benefits for index and single name instruments,” said Stan Ivanov, President of ICE Clear Credit.

Launched in 2009, ICE Clear Credit offers almost 600 single name and index CDS instruments based on corporate and sovereign debt across North America, Europe and the Asia-Pacific. ICE’s CDS clearing houses have reduced counterparty risk exposure by clearing over $80 trillion in gross notional amount of CDS instruments since inception, with resulting open interest of $1.5 trillion.

About Intercontinental Exchange

Intercontinental Exchange (NYSE:ICE) operates a leading network of global futures, equity and equity options exchanges, as well as global clearing and data services across financial and commodity markets. The New York Stock Exchange is the world leader in capital raising, listings and equities trading.

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 www.intercontinentalexchange.com/terms-of-use.

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, 2015, as filed with the SEC on February 4, 2016.

SOURCE: Intercontinental Exchange
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