Intercontinental Exchange today (Monday March 9) became the second organisation – and the first in the US – to go live with a central counterparty clearing system for credit default swaps.
On Friday March 6 the US Securities and Exchange Commission issued an exemptive order allowing ICE US Trust to clear CDS. This was the last of the regulatory approvals ICE needed. The New York State Banking Dept accepted ICE US Trust, a limited liability trust company, as a regulated New York bank in December and on March 4 it was approved by the Federal Reserve Board of Governors.
ICE has capitalised the new subsidiary with $35m.
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