Intercontinental Exchange Announces Agreement for the Sale of the Voice Brokerage Operations of Creditex to Tullett Prebon
July 29 2016 - 11:12AM
Business Wire
Intercontinental Exchange (NYSE: ICE), a leading operator of
global exchanges, clearing houses and data services, today
announced that it has entered into an agreement to sell certain
U.S. voice brokerage operations of Creditex to Tullett Prebon, one
of the world’s leading interdealer brokers. ICE will retain the
electronically traded markets and systems, post-trade connectivity
platforms and intellectual property of Creditex, which serves the
global credit default swaps (CDS) market. The terms of the
transaction were not disclosed and the transaction is subject to
FINRA approval.
“After developing the solutions to enable the CDS market to
become increasingly standardized, electronic and cleared, we are
organizing our global credit derivatives operations around the
areas best aligned with our strengths across clearing, data and
technology,” said Krishan Singh, President of ICE Swap Trade.
“Tullett Prebon is a strategic buyer and leading operator of
brokered OTC markets that will enable the team to transition
seamlessly while providing continuity of service to our voice
brokerage customers. We are excited about continuing to grow
Creditex’s innovative electronic trading and related technologies,
along with our CDS clearing offerings in response to customer
requirements.”
ICE also operates ICE Swap Trade, a swap execution facility
(SEF) for CDS trade execution, ICE Credit Trade, a leading
inter-dealer electronic trading venue for bonds, as well as ICE
Link, the leading platform for CDS affirmation, novation and
clearing connectivity. ICE has also extended its credit derivatives
markets into futures through its Eris CDX Credit futures contracts,
which reached record monthly volume in June 2016.
For more information, please visit:
https://www.theice.com/swap-trade
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading
network of global futures, equity and equity options exchanges, as
well as global clearing and data services across financial and
commodity markets. The New York Stock Exchange is the world leader
in capital raising, listings and equities trading.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange,
Interactive Data and Trayport. Information regarding additional
trademarks and intellectual property rights of Intercontinental
Exchange, Inc. and/or its affiliates is located at
www.intercontinentalexchange.com/terms-of-use.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE'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, 2015, as
filed with the SEC on February 4, 2016.
SOURCE: Intercontinental Exchange
ICE-CORP
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ICE Media Contact:Damon Leavell+1 212 323
8587media@theice.cominvestors@theice.com
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