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ATLANTA, GA (April 6, 2009) - IntercontinentalExchange® (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today announced that in its first four weeks of operation, ICE Trust™ has cleared over $70 billion in credit default swaps (CDS).
"The first month of CDS clearing operation represents an important milestone for the financial markets in reducing systemic risk, and was due in large part to efforts by the industry and regulators to increase confidence, transparency and standardization," said Dirk Pruis, President of ICE Trust. "Following the limitations on volume recommended by regulators during this initial phase, we anticipate a solid ramp in activity in the coming weeks as we continue to actively work with both buy-and sell-side institutions in expanding participation in ICE Trust."
ICE began clearing CDS index contracts on March 9 through ICE Trust, which received regulatory approval from the Federal Reserve and the Securities and Exchange Commission in the same month. During its first four weeks, ICE Trust cleared 613 transactions totaling $71 billion of notional value, and resulting in $12.7 billion of open interest. ICE Trust is the industry's first and only CDS clearing house to process transactions.
About IntercontinentalExchange
IntercontinentalExchange® (NYSE: ICE) operates leading regulated exchanges, trading platforms and clearing houses serving the global markets for agricultural, credit, currency, emissions, energy and equity index markets. ICE Futures Europe® trades half of the world's crude and refined oil futures. ICE Futures U.S.® and ICE Futures Canada® list agricultural, currency and Russell Index markets. ICE offers trade execution and processing for the credit derivatives markets through Creditex and clearing through ICE Trust™. A component of the Russell 1000® and S&P 500 indexes, ICE® serves customers in more than 50 countries and is headquartered in Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston and Singapore. www.theice.com
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, 2008, as filed with the SEC on February 11, 2009.
