IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that it has applied to register its ICE Trade Vault service as a swap data repository (SDR) with the Commodity Futures Trading Commission (CFTC).
"ICE appreciates that regulators have initially focused on trade reporting and recordkeeping in OTC derivatives markets while implementing the Dodd-Frank Wall Street Reform Act," said Chuck Vice, President and Chief Operating Officer of IntercontinentalExchange. "ICE Trade Vault will provide reporting compliance for our global customer base through a widely-accepted, proven method for capturing and reporting commodity trade data."
ICE eConfirm will serve as the front-end application for the ICE Trade Vault SDR under the Dodd-Frank Act. ICE Trade Vault is slated to launch in the first half of 2012. The combination of ICE Trade Vault and ICE eConfirm will streamline reporting by employing processes and systems already in use by the industry. Participants in the commodity markets will be able to use the ICE eConfirm platform to submit non-cleared trades and end-user clearing exemptions in order to comply with new reporting requirements.
ICE Trade Vault is designed to deliver to market participants a cost-effective, easy-to-use, open access service that builds on ICE's deep expertise across commodity markets, including energy and agricultural products. In applying for registration, ICE detailed extensive capabilities to perform as a SDR in accordance with core principles identified by the CFTC and the Dodd-Frank Act.