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IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that ICE Clear Europe and ICE Trust were awarded Best Innovation by a Clearing House, Europe, Middle East and Africa and Best Innovation by a Clearing House, Americas respectively by FOW, a leading global derivatives publication.
The FOW Awards for Innovation were created to recognize industry initiatives that have demonstrated innovation and a beneficial effect on markets. Winners were selected by a judging panel comprised of European and North American derivatives market participants. In the article accompanying the awards announcement, which appears in the magazine's November issue, FOW stated: "Their work seems like a large step forward toward transparency in the CDS market. Additionally, the risk management framework may go a long way in helping to offset systemic risk possibilities. Indeed, ICE's clearing houses for credit default swaps, were created specifically in response to a regulatory demand to derisk the market."
Chuck Vice, ICE President and Chief Operating Officer, said: "ICE is honored to receive these awards in a year that required unprecedented changes in risk management practices. We were please to take a leadership role in working with global market participants to implement the first global clearing solution for credit derivatives. We take pride in innovation and our ability to enhance the marketplace, and would like to acknowledge Atos Euronext Market Solutions (AEMS) for its contribution to our successful transition to ICE Clear Europe. We would also like to commend Shearman & Sterling for their well-deserved recognition as recipients of FOW's Most Innovative Work by a Law Firm award, for the firm's work supporting the establishment of both ICE Clear Europe and ICE Trust."
