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Buy Side Participation for ICE Trust to be Enabled in October
IntercontinentalExchange (ICE), an operator of regulated global futures exchanges, clearing houses and OTC markets, has developed a solution that provides segregation of customer funds and positions in credit default swap (CDS) clearing. The solution, which will enable buy side participation in CDS clearing, is expected to be introduced in October 2009, subject to regulatory approval….
ICE and CME Group Speak Out About Implications of CCPs for Derivatives Markets
Following the concerns raised by Craig Donohue, chief executive of CME Group, last month about the dangers of forcing all derivatives to be cleared electronically, CME and rival IntercontinentalExchange (ICE) have this week released a 150 page report on the subject. The report details the legislative and regulatory action that may be needed in order…
Interactive Data Adds Kilburn, Simone and Swanson to its Board
Interactive Data Corporation has added Donald Kilburn, Victor Simone and Luke Swanson to its board of directors. Simone has also been appointed to the board’s audit and independent committees. These appointments bring the total number of directors actively serving on the board to 10, including five directors affiliated with Pearson plc, Interactive Data’s majority shareholder….
CFTC and SEC Divvy up Derivatives Pie, CME’s Donohue Expresses Concern About Illiquid Derivatives
Following a brief hiatus, the turf war is back on between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Just how the two regulators will divide up the oversight of the derivatives market is currently being debated across the industry and could have wide ramifications for those involved in the…
ICE Trust US Passes US$1 Trillion CDS Clearing Milestone
IntercontinentalExchange’s (ICE) ICE Trust US (ICE Trust) has passed the US$1 trillion milestone in cleared credit default swaps (CDS) since operations began on 9 March 2009. Open interest at ICE Trust currently stands at US$145 billion, representing an 86% reduction in notional value outstanding. ICE Trust also set a weekly clearing record of US$247 billion…
Fiserv Adds Elkins, Thompson and Williamson to Management Team
Fiserv’s Financial Control Solutions business has added three new permanent members of staff to its management team. Elizabeth Elkins, who has been filling the role of general manager of the division, which was formerly CheckFree ORM, has now been made permanent. Andrew Thompson has been appointed vice president for global sales and relationship management and…
DTCC Applying for Limited Trust Status for Trade Information Warehouse, Plans European Subsidiary
The Depository Trust & Clearing Corporation (DTCC) has filed applications to establish a limited purpose trust company that will house the functions of its Trade Information Warehouse for credit derivatives. The vendor has taken such a step to meet the enhanced risk and regulatory requirements of the current market, says Donald Donahue, DTCC chairman and…
HSBC USA Joins ICE Trust as a Clearing Member for CDSs
IntercontinentalExchange (ICE) has added HSBC USA as a clearing member of its clearing counterparty (CCP) for the credit default swap (CDS) market, ICE Trust. The CCP, which launched on 9 March, was the first contender in the US market to receive regulatory approval from the Federal Reserve and the Securities and Exchange Commission (SEC) and…
Information Builders Launches New XBRL Reporting Platform
Business intelligence solution vendor Information Builders has launched a new platform for the filing of global financial reports in XBRL format. The WebFocus Financial Reporting Exchange platform is aimed at reducing the cost and complexity of filing these reports in XBRL, as required by the Securities and Exchange Commission (SEC), says the vendor. The SEC…
US Markets on Course for Sweeping Changes to OTC Derivatives Regulation
The US government has this week released a set of proposals to reform the regulatory regime governing the OTC derivatives markets. The proposals, which were tabled by Treasury secretary Timothy Geithner, would mandate that all derivatives deemed to be “standardised” are cleared via designated clearing houses and they are aimed at increasing transparency in these…