Press release from PR Newswire
IntercontinentalExchange to Launch ICE Swap Trade for OTC Energy Markets
Wednesday, September 25, 2013
IntercontinentalExchange to Launch ICE Swap Trade for OTC Energy Markets17:35 EDT Wednesday, September 25, 2013
Offering Creates Seamless Transition to ICE SEF
ATLANTA, Sept. 25, 2013 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, announced that it will provide trade execution services for its financially settled, bilateral over-the-counter (OTC) energy markets through ICE Swap Trade, ICE's swap execution facility (SEF), which is expected to launch on October 2, 2013.
ICE transitioned its cleared OTC energy contracts to futures contracts in October 2012. Certain contracts that continued to trade on ICE OTC commodity markets will begin trading on ICE Swap Trade to satisfy new regulatory requirements. These contracts include all uncleared swaps markets.
"Last year, ICE transitioned its cleared energy OTC markets to futures, and this next step will complete the evolution of our markets, which reflect new regulatory requirements," said Chuck Vice, ICE President and Chief Operating Officer. "As with other transitions, customers will maintain uninterrupted access to execution services."
To complete the change, ICE will be transferring its uncleared swaps markets to ICE Swap Trade, which was granted temporary registration as a SEF by the Commodities Futures Trading Commission on September 20, 2013. All swaps will continue to be reported to ICE Trade Vault. ICE's physical forwards markets for natural gas, power and oil will remain on the current ICE OTC platform.
IntercontinentalExchangeIntercontinentalExchange (NYSE: ICE) is a leading operator of regulated exchanges and clearing houses serving the risk management needs of global markets for agricultural, credit, currency, emissions, energy and equity index products. www.theice.com
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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, 2012, as filed with the SEC on February 6, 2013.
For further information: Media Contact: Christopher McEntee, Director, IntercontinentalExchange, 1-770-857-2782, firstname.lastname@example.org; Investor Contact: Kelly Loeffler, VP Investor Relations & Corp. Communications, IntercontinentalExchange, 1-770-857-4726, email@example.com