IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, has launched ICE Swap Trade, ICE’s CFTC-registered Swap Execution Facility (SEF), with trading activity in many different products in the energy and credit default swap (CDS) markets.
Several customers, including both U.S.-based and non-U.S.-based entities, executed swap transactions on ICE Swap Trade. In credit markets, trading activity occurred in four different CDS index products. In energy markets, trading activity occurred in 14 different contracts.
“The launch is the culmination of a collaborative effort among ICE, our customers and our partners to create a marketplace for our energy and credit customers that enables them to adapt to regulatory change with confidence,” said Thomas Farley, Senior Vice President of Financial Markets. “The readiness of our solution was evident in the smooth transition and customer adoption.”
ICE Swap Trade offers various index CDS products across North American, European and emerging market instruments and intends to offer single-name CDS in the future. ICE transitioned its cleared OTC energy contracts to futures in October 2012. Certain non-cleared contracts that continued to trade on ICE OTC Commodity Markets began trading on ICE Swap Trade yesterday.
