ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced an innovative interest rate contract that will facilitate term financing arrangements, such as repos. Consummated transactions in ICE's Funds Rate contract will offer real-time transparency into the interest rate funding markets in a variety of currencies.
The patent-pending solution was developed and licensed by principal trading firm DRW, and has pricing characteristics similar to a zero-coupon bond.
ICE is also establishing an advisory committee comprising financial institutions, liquidity providers and subject matter experts to help bring the contract to market in late 2016, subject to regulatory approval.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading network of global futures and equity exchanges and provides world class clearing, data and listing services across many markets. The New York Stock Exchange is the world leader in capital raising 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.
SOURCE: Intercontinental Exchange