Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that the International Swaps and Derivatives Association, Inc. (ISDA) has chosen ICE Benchmark Administration (IBA) to be the Secretary to the ISDA Credit Derivatives Determinations Committees (DCs).
Following a transition period of approximately six months, as DC secretary IBA will become responsible for maintaining and operating all infrastructure required to administer the DC process and ensuring that the process is robust, transparent and meets regulatory and governance standards.
“We are delighted to have been selected to run ISDA’s Credit Determinations Committees,” said Finbarr Hutcheson, President, IBA. “IBA is one of the world’s most experienced and trusted administrators of regulated benchmarks. ISDA’s decision reflects the trust the market has in our capability to adapt our best in class governance standards and technology to critical market services.”
The Determinations Committees each comprise ten sell-side and five buy-side voting firms, alongside consultative firms and central counterparty observer members. They are responsible for determining whether credit events have occurred in the credit default swaps market by comparing publicly available information on particular events with the legal definitions contained in market-standard credit derivatives documentation. More information about the DCs is available on the Determinations Committee section of ISDA’s website at https://dc.isda.org/.
The Determinations Committees Secretary role is currently held by ISDA. IBA will work closely with ISDA and the Determinations Committees during the coming six months to ensure a smooth transition.
About ICE Benchmark Administration
ICE Benchmark Administration (IBA) is the world’s most trusted and experienced administrator for regulated benchmarks. IBA, which is an independently capitalized subsidiary of Intercontinental Exchange, Inc., administers the following three systemically important benchmarks: ICE LIBOR, the LBMA Gold Price and ICE Swap Rate and also the ISDA SIMM Crowdsourcing facility. Authorised and regulated by the Financial Conduct Authority (FCA), IBA is required to comply with the FCA’s rules for benchmark administrators. IBA has also been formally assessed in respect of ICE LIBOR against the IOSCO Principles for Financial Benchmarks.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates a 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.
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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.
