ICE and Cetip plan Brazilian debt trading platform

Source: IntercontinentalExchange

IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced the completion of an agreement with Cetip, S.A. (BOVESPA: CTIP3) to develop and deliver a new fixed income trading platform to be offered by Cetip for Brazilian corporate and government bonds.

The platform is expected to be launched in the second half of 2012. Cetip is responsible for product strategy and the promotion of usage in Brazil. ICE is developing the technology.

"ICE is pleased to deepen our relationship with Cetip and build on our presence in Brazil," said ICE Chief Strategic Officer David S. Goone. "Through this partnership we are combining Cetip's leadership in fixed income markets together with ICE's technology and experience in building liquid, transparent markets to bring more liquidity and depth to the bond markets in Brazil."

Cetip CEO Luiz Fernando Fleury said, "The choice to select ICE came not only from the fact that they are a globally recognized company, but also because of their outstanding technology and OTC market expertise. A major reason for this partnership is ICE's demonstrated ability to successfully deliver liquidity and pricing transparency in other less liquid markets, similar to the scenario we currently have with our local corporate debt. The speed with which they can deliver the product to our market was another key factor."

Cetip is a publicly traded company and is Brazil's largest clearing house, as well as the leading operator of registration and custodial services for securities, fixed-income bonds and OTC derivatives. 

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