(Logo: http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGO )
"ICE's leadership in clearing CDS markets is helping to reduce systemic risk by increasing market transparency and security, and we appreciate the assistance we have received from regulators, clearing members and the buy-side community," said Dirk Pruis, President of ICE Trust. "As the one-year anniversaries of the Lehman and AIG crises approach, CDS clearing is playing a significant role in restoring safety and soundness to capital markets."
In July 2009, ICE Clear Europe((R)) began processing European CDS index transactions. Through September 11, ICE Clear Europe has cleared euro 313 billion ($447 billion) notional, resulting in open interest of euro 37 billion ($52 billion). On a global basis, ICE has cleared 30,147 transactions totaling nearly $2.5 trillion in gross notional value, resulting in open interest of $241 billion. Currently, ICE Trust and ICE Clear Europe are clearing 20 North American CDX index contracts and 12 European iTraxx contracts, respectively. ICE expects to begin clearing single-name CDS contracts later this month.
About IntercontinentalExchange
IntercontinentalExchange((R)) (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((R)) hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S.((R)) and ICE Futures Canada((R)) list agricultural, currency and Russell Index markets. ICE offers trade execution and processing for the credit derivatives markets through Creditex and ICE Link(TM) respectively, and CDS clearing through ICE Trust(TM) and ICE Clear Europe((R)). A component of the Russell 1000((R)) and S&P 500 indexes, ICE((R)) 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.