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Ice Trust appoints Christopher Edmonds president

19 February 2010  |  2347 views  |  0 Source: IntercontinentalExchange

IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that Christopher S. Edmonds has been appointed President of ICE Trust U.S. (ICE Trust), ICE's credit default swap (CDS) clearing house.

Edmonds replaces Dirk Pruis, who departed to spend time with his family before pursuing further professional interests.

Edmonds possesses over fifteen years of risk management and market experience, including serving as Chief Development Officer for ICAP Energy and Chief Executive Officer of ICAP Futures. Most recently, he served as Chief Executive Officer of International Derivatives Clearing Group. As President, Edmonds is responsible for managing the operational and regulatory aspects of ICE Trust.

Said ICE Chairman and CEO Jeffrey C. Sprecher: "We are proud to announce Chris's appointment as President of ICE Trust. Chris brings tremendous leadership and experience, and together we will strive to expand on our success in credit derivatives. On behalf of the ICE team, I want to thank Dirk for his contribution in helping us build the leading CDS clearing house. Dirk managed the very strong team at ICE Trust that has established our leadership, and that team continues to produce remarkable results."

ICE Trust has surpassed the $300 million mark in clearing trades submitted by buy-side customers. ICE currently has ten active buy-side participants and a significant number of customers in the testing phase. In total, ICE Trust has cleared nearly $4 trillion in notional value of index and single name CDS, with open interest of $258 billion. In Europe, ICE Clear Europe has cleared over $1.7 trillion in notional value of index and single name CDS. ICE has developed the leading risk management, segregation and portability solution in the industry and is backed by separate guaranty funds exceeding $3 billion in total.

ICE Trust is a New York Trust Company and a member of the Federal Reserve System, and is subject to direct regulation and supervision by the Federal Reserve and the New York State Banking Department. Subject to compliance with certain conditions, ICE Trust operates under an exemption from the Securities and Exchange Commission and the U.S. Treasury Department. As a limited purpose trust company, ICE Trust serves the CDS market.

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