Press release from PR Newswire
Creditex and Markit to Conduct First Credit Event Auction in Chinese Corporate Credit Market; Sino-Forest Corp. CDS on May 9
Tuesday, May 08, 2012
ATLANTA, May 8, 2012 /PRNewswire/ -- IntercontinentalExchange's Creditex subsidiary and Markit will conduct a Credit Event Auction to facilitate settlement of credit default swaps (CDS) trades on Sino-Forest Corp. on May 9, 2012. This will be the first credit event auction conducted to settle CDS trades outside of North America, Europe and Japan.
(Logo: http://photos.prnewswire.com/prnh/20090727/CL51999LOGO )
Earlier this year, the International Swaps and Derivatives Association, Inc. (Isda) determined that a credit event had occurred with respect to Sino-Forest Corp., a Chinese forestry company. The final price on Sino-Forest bonds for the purpose of settling CDS transactions will be determined at auction. Participating dealers in Hong Kong and Singapore will use the Creditex Real-Time screen to enter in their price indications and settlement requests.
The Credit Event Auction process was developed in 2005 by Markit and Creditex in collaboration with 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.jhtml
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the SEC on February 8, 2012.
For further information: Markit, Caroline Lumley, Director, +44-0-20-7260-2047, Caroline.firstname.lastname@example.org; IntercontinentalExchange, Media Contact, Christopher McEntee, Director, +1-770-857-2782, email@example.com; Investor Contact, Kelly Loeffler, VP Investor Relations & Corp. Communications, +1-770-857-4726, firstname.lastname@example.org