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IntercontinentalExchange launches ICE Swap Trade
07 October 2013
Firm lists swap exchange facility for CDS products
ICE Swap Trade
Global markets and clearing house operator IntercontinentalExchange, has launched ICE Swap Trade, its CFTC-registered swap execution facility (SEF).
The SEF offers index CDS products across North American, European and emerging market instruments. ICE said it intended to offer single-name CDS in the future.
The firm transitioned its cleared OTC energy contracts to futures in October 2012, with other non-cleared contracts transitioning on to the SEF earlier this week.
Thomas Farley, senior vice president of Financial Markets, IntercontinentalExchange, said: “The launch is the culmination of a collaborative effort among ICE, our customers and our partners to create a marketplace for our energy and credit customers that enables them to adapt to regulatory change with confidence. The readiness of our solution was evident in the smooth transition and customer adoption."
ICE said several clients, including those based in and outside of the US, had already executed swap transactions on the SEF, with trading on four different CDS index products in credit markets and 14 different contracts in energy markets.