ICE Announces Agreement for the Sale of the Voice Brokerage Operations of Creditex to Tullett Prebon
BUSINESS WIRE – ATLANTA & NEW YORK- Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges, clearing houses and data services, announced that it has entered into an agreement to sell certain U.S. voice brokerage operations of Creditex to Tullett Prebon, one of the world’s leading interdealer brokers. ICE will retain the electronically traded markets and systems, post-trade connectivity platforms and intellectual property of Creditex, which serves the global credit default swaps (CDS) market. The terms of the transaction were not disclosed and the transaction is subject to FINRA approval.
“After developing the solutions to enable the CDS market to become increasingly standardized, electronic and cleared, we are organizing our global credit derivatives operations around the areas best aligned with our strengths across clearing, data and technology,” said Krishan Singh, President of ICE Swap Trade. “Tullett Prebon is a strategic buyer and leading operator of brokered OTC markets that will enable the team to transition seamlessly while providing continuity of service to our voice brokerage customers. We are excited about continuing to grow Creditex’s innovative electronic trading and related technologies, along with our CDS clearing offerings in response to customer requirements.”
ICE also operates ICE Swap Trade, a swap execution facility (SEF) for CDS trade execution, ICE Credit Trade, a leading inter-dealer electronic trading venue for bonds, as well as ICE Link, the leading platform for CDS affirmation, novation and clearing connectivity. ICE has also extended its credit derivatives markets into futures through its Eris CDX Credit futures contracts, which reached record monthly volume in June 2016.
For more information, please visit: www.theice.com/swap-trade
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading network of global futures, equity and equity options exchan
Senior-level moves at bulge brokers highlight this week's employment activity.
Statistical tie for top three secondary U.S. equity brokers.
Virtu's firm offer may push KCG into another firm's arms.
How MiFID II will affect U.S. brokers and the research they produce.
What's next up for the SEC market structure committee?