IntercontinentalExchange Swap Execution Facility Approved By CFTC
IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced that the Commodities Futures Trading Commission (CFTC) has granted temporary registration status to ICE Swap Trade, ICE's swap execution facility (SEF), which is expected to launch on September 30, 2013.
ICE Swap Trade will offer index credit default swap contracts (CDS) on its swap execution facility, and single name CDS across North American and European and Emerging Market corporates and sovereigns. At launch, functionality will include a central limit order book, with request for quote (RFQ) following shortly afterward.
"ICE is pleased to offer market participants a robust platform for its SEF solution that provides liquidity, pricing and protocols that reflect new regulatory requirements," said Thomas Farley, Senior Vice President of Financial Markets. "With the approval of ICE Swap Trade, ICE will offer customers the certainty and flexibility they need to adapt to the new market structure and the ability to trade with confidence via their preferred execution methods."
As previously announced, Citi, Morgan Stanley, Societe Generale and UBS plan to provide firm pricing on ICE Swap Trade for CDS. Combined with ICE's leading post-trade service, ICE Link, and transparent execution protocols, ICE Swap Trade is designed to offer unparalleled operating efficiencies and workflow enhancements to swap market participants.