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IntercontinentalExchange (R) (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that ICE Trust(TM), its North American credit default swap (CDS) clearing house, was named a winner in the 2009 Credit magazine Technology Innovation Awards. Credit is a leading publication devoted to corporate bond and credit derivatives markets, and established the Technology Innovation Awards to recognize technology developments in the global credit markets.
Dirk Pruis, ICE Trust President, said: "Credit derivatives are a vital part of the global credit markets and ICE Trust is serving in an integral role within the credit infrastructure by reducing counterparty and systemic risk. It is an honor to be recognized for our efforts in helping to bring transparency and standardization to the marketplace. We also want to recognize the participants in ICE Trust for taking a leadership role in market reform and for allowing us to bring innovative risk management solutions to market."
The awards were judged by Credit's editorial team in collaboration with editors from the magazine's sister publications and industry users. In the awards article, which appears in the November issue, Credit stated: "Perhaps the most high-profile example of regulators exerting pressure has been in the area of central clearing of credit derivatives. ICE Trust is the first and only clearing house to process U.S. credit default swaps, answering the call of regulators and helping to enable a transparent and capital efficient market."
