State Street Completes First Trade with ICE Clear U.S. as a FICC Sponsored Member
March 01 2021 - 8:30AM
Business Wire
First of its kind partnership for State Street with clearing
house underscores growing buy-side interest in sponsored repo
State Street Corporation (NYSE: STT) today announced the first
trade with ICE Clear U.S., a clearing house owned by
Intercontinental Exchange, Inc. (NYSE: ICE), as a sponsored member
counterparty. This announcement comes after ICE signed on as a
Sponsored Member of State Street Bank and Trust within the Fixed
Income Clearing Corporation (FICC) Sponsored Repo Program.
This partnership with a clearing house will be the first of its
kind for State Street in an effort that underscores the continued
expansion of the types of clients sponsored across jurisdictions.
State Street now serves 145 clients and more than 1,900 individual
entities1 including mutual funds, UCITS, alternative asset funds,
insurers, state plans, Federal Home Loan and other banks and
corporates, in twelve jurisdictions, including the United States,
Canada, Cayman, Bahamas, Bermuda, British Virgin Islands, Belgium,
Ireland, Luxembourg, Australia, Singapore and the United Arab
Emirates.
“With clients’ continuing interest in securing a broader set of
short-term investment and funding solutions, we’re taking steps to
enable more of our buyside clients to unlock the benefits of
centrally cleared repo without needing to satisfy all of the
obligations of a direct clearing member,” said Gino Timperio,
global head of Collateral Management and Financing. “ICE Clear U.S.
is the first U.S. clearing house to enter into the sponsored
program and we are truly pleased to have collaboratively
established a cleared repo solution that supports ICE’s regulatory
requirements and investment needs.”
State Street has long been a leader in the sponsored space
across the number and types of clients it covers and aims to soon
further expand its offering with term trading capabilities. In this
effort, State Street worked with ICE Clear U.S. to determine the
best way to support the clearing house’s specific investment
needs.
“We are delighted to expand our relationship with State Street
and appreciate its partnership in supporting ICE’s investment needs
- with the safety inherent to trading with a highly rated credit
institution, and the additional benefit of novated exposure to
FICC, as a Sponsored Member thereafter,” said Kevin McClear,
President of ICE Clear U.S. “State Street’s long standing
commitment and thought leadership in this space was a
differentiator and provides an enhanced approach for an even more
safe and sound investment of clearing members’ funds.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $36.6 trillion in assets
under custody and/or administration and $3.1 trillion* in assets
under management as of September 30, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of September 30, 2020 includes
approximately $81 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company
and provider of marketplace infrastructure, data services and
technology solutions to a broad range of customers including
financial institutions, corporations and government entities. We
operate regulated marketplaces, including the New York Stock
Exchange, for the listing, trading and clearing of a broad array of
derivatives contracts and financial securities across major asset
classes. Our comprehensive data services offering supports the
trading, investment, risk management and connectivity needs of
customers around the world and across asset classes. As a leading
technology provider for the U.S. residential mortgage industry, ICE
Mortgage Technology provides the technology and infrastructure to
transform and digitize U.S. residential mortgages, from application
and loan origination through to final settlement.
© 2021 State Street Corporation - All Rights Reserved
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1 As of January 31, 2021
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Brendan Paul BPaul2@statestreet.com +1 401 644 9182
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