Quote:
Originally Posted by Grizzums
ICE Trust Receives Approval From Federal Reserve to Clear Credit Default Swaps
"--ICE Expects to Complete TCC Acquisition within Week; Clearing of Existing North American CDS Indexes to Begin Thereafter
NEW YORK, March 4, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- IntercontinentalExchange(R) (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter (OTC) markets, today announced that ICE US Trust, LLC (ICE Trust), a New York limited liability trust company, has received regulatory approval from the Board of Governors of the Federal Reserve System to become a member of the Federal Reserve System and to serve as a clearing house and central counterparty for credit default swap (CDS) transactions. Pending the receipt of all required regulatory approvals, ICE anticipates closing its acquisition of The Clearing Corporation (TCC) within a week. On March 2, ICE and TCC received early termination of the Hart-Scott-Rodino waiting period from the U.S. Department of Justice.
TCC has developed the CDS risk management framework, operational processes and infrastructure for ICE Trust's clearing operations. Upon closing the transaction, ICE Trust will begin processing and clearing positions held by the members of the clearing house. Clearing of North American CDS indexes will be followed by liquid single-name credit default swaps. "
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Dont you just love how they gloss over who will be paying/at risk for the swaps? How many people who read this will understand what they are doing?
Sometimes it seems as though they actually want to make us a third world country.
Good Luck
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