IntercontinentalExchange to Establish ICE Trade Vault Europe as Trade Repository for European Swaps and Futures Data
New service offering will provide compliance reporting to address new trade data regulations
LONDON, March 28, 2013 /PRNewswire/ — IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced today that it has applied to the European Securities and Markets Authority (ESMA) to establish ICE Trade Vault Europe Limited (ICE Trade Vault Europe) as a Trade Repository (TR) for the reporting of swaps and futures trade data to meet requirements of the European Market Infrastructure Regulation (EMIR).
ICE Trade Vault Europe plans to serve the commodities, credit, interest rate and foreign exchange asset classes. The launch of ICE Trade Vault Europe is subject to approval by ESMA.
“As the implementation stage for ESMA’s technical standards approaches, market participants, from brokers to end users, will benefit from seamless functionality and compliance tools, which will help them comply with new reporting requirements through a well designed, easy to use and cost efficient solution,” said David Peniket, Executive Director of ICE Trade Vault Europe.
In June 2012, ICE Trade Vault, LLC (ICE Trade Vault US) became the first Swap Data Repository (SDR) in the U.S. to receive provisional regulatory approval from the Commodity Futures Trading Commission. ICE Trade Vault began accepting credit default swaps trade data in October 2012 and commodities trade data in February 2013. Since its inception, ICE Trade Vault US has accepted fifteen million trades.
“A common theme of international financial regulation is mandatory swap reporting and the creation of repositories. ICE is committed to providing its customers with a global repository solution,” said Bruce Tupper, President of ICE Trade Vault, LLC.
ICE Trade Vault Europe will use ICE’s proven repository technology for market participants to submit data and will connect to a range of institutions, including Clearing Houses, Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs). Adopting ICE’s repository technology will ensure minimum disruption for market participants who can continue to use their existing connectivity to report swaps and futures data in real-time. New European regulatory reporting requirements are anticipated to come into place once ESMA approves TR applicants.
IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated exchanges and clearing houses serving the risk management needs of global markets for agricultural, credit, currency, emissions, energy and equity index products. www.theice.com. The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe, ICE Clear Europe, ICE Clear Canada, ICE Clear US, ICE Clear Credit, ICE Futures U.S., and ICE OTC. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml
Safe Harbor Statement
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, 2012, as filed with the SEC on February 6, 2013.