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Press release from PR Newswire

Markit and IntercontinentalExchange Announce Results of Credit Event Auction re: The Hellenic Republic

Monday, March 19, 2012

Markit and IntercontinentalExchange Announce Results of Credit Event Auction re: The Hellenic Republic12:25 EDT Monday, March 19, 2012LONDON, March 19, 2012 /PRNewswire/ -- Markit and IntercontinentalExchange's Creditex subsidiary today announced the results of a Credit Event Auction conducted to facilitate settlement of credit default swap (CDS) trades referencing The Hellenic Republic's sovereign debt.  This is the second time that a Credit Event Auction has been run to settle credit default swaps (CDS) referencing the debt of a sovereign nation.(Logo:  http://photos.prnewswire.com/prnh/20090727/CL51999LOGO )At 15:30 GMT today, the final price of The Hellenic Republic bonds for the purpose of settling CDS transactions was determined to be 21.5%.  Market participants who bought protection against a Hellenic Republic default will receive the face value of their bonds in exchange for a payment of 21.5% of face value to protection sellers.The Credit Event Auction process was launched in 2005 by Markit and Creditex in collaboration with the International Swaps and Derivatives Association (ISDA) and major credit derivative dealers.  Since then, Markit and Creditex have conducted over 120 Credit Event Auctions, and the process has become an integral part of CDS market infrastructure.About MarkitMarkit is a leading, global financial information services company with over 2,300 employees. The company provides independent data, valuations and trade processing across all asset classes in order to enhance transparency, reduce risk and improve operational efficiency. Its client base includes the most significant institutional participants in the financial marketplace.About IntercontinentalExchangeIntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com  The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Futures Europe and ICE Clear Europe. 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.jhtmlICE-CDSSOURCE IntercontinentalExchangeFor further information: Markit Media Contact: Caroline Lumley, Corporate Communications, +44 20 7260 2047, Caroline.lumley@markit.com; ICE Media Contact: Claire Miller, Corporate Communications, +44 20 7065 7745, claire.miller@theice.com; ICE Investor Contact: Kelly Loeffler, VP Investor Relations & Corp. Communications, +1-770-857-4726, kelly.loeffler@theice.com