IntercontinentalExchange (NYSE: ICE) , an operator of regulated global futures exchanges and over-the- counter (OTC) markets, announced today that ICE Clear U.S.(TM) will begin clearing sugar, coffee and cocoa swap contracts on January 30, 2009.
As previously announced, the three contracts will be cleared by ICE Clear U.S. and will be cash-settled at expiration based on the settlement prices of the related traded futures contract. Qualifying swap agreements will be submitted to the Market Supervision department of ICE Futures U.S.(R), which will expedite the contracts for clearing.
The new cleared swaps are the first such contracts offered by ICE and are specifically designed to meet the needs of OTC market participants. ICE Clear U.S.'s September 2007 application to clear these swaps was approved by the Commodity Futures Trading Commission on December 12, 2008.
Showing posts with label clearing. Show all posts
Showing posts with label clearing. Show all posts
Saturday, 3 January 2009
Tuesday, 2 September 2008
Shadow Financial Systems to Exhibit at SIFMA's Fixed Income and Derivatives Operations Conference
WHO: Shadow Financial Systems, developers of the ShadowSuite®
post-trade multi-currency and multi-asset class securities
processing, reconciliation, clearing, settlement, treasury, and
accounting system
WHAT: Will exhibit at the 2008 Securities Industry and Financial
Markets Association's (SIFMA) Fixed Income and Derivatives
Operations Conference
WHEN: The 2008 SIFMA Fixed Income and Derivatives Operations Conference
will be held Wednesday, October 1, 2008 through Friday, October
3, 2008
post-trade multi-currency and multi-asset class securities
processing, reconciliation, clearing, settlement, treasury, and
accounting system
WHAT: Will exhibit at the 2008 Securities Industry and Financial
Markets Association's (SIFMA) Fixed Income and Derivatives
Operations Conference
WHEN: The 2008 SIFMA Fixed Income and Derivatives Operations Conference
will be held Wednesday, October 1, 2008 through Friday, October
3, 2008
Monday, 25 August 2008
DTCC Enhances Canadian Link
The Depository Trust & Clearing Corporation (DTCC) has enhanced its settlement link with CDS Clearing and Depository Services Inc.(CDS) to offer new corporate action benefits including dividend, redemption and reorganization services.
The Canadian-Link Services, which went into operation in 2005, supports the processing and settlement of transactions in Canadian dollars at The Depository Trust Company (DTC), a DTCC subsidiary. This helps eliminate problems associated with maintaining split inventories in Canadian and U.S. securities and enables customers to concentrate all U.S. and Canadian security positions in their DTC accounts.
“The new services significantly expand the Canadian-Link Services program by offering our customers new processing capabilities for income, redemption and corporate action payments, and it gives them the option of settling in either U.S. or Canadian dollars,” said Patrick Kirby, DTCC managing director for Asset Services. The services were launched in July 2008.
“Many of the banks and broker/dealers participating in Canadian-Link Services requested that we expand our custodial duties to bring further efficiencies to their work processes,” Kirby added. Under the original program, DTC customers could clear and settle Canadian dollars at DTC, but they had to turn to CDS or other custodians for corporate actions.
The expansion enables DTC customers to receive and make payments on all corporate actions events for eligible Canadian issues – approximately 1,000 are now eligible – including tender offers and rights issues in Canadian dollars or a mix of U.S. and Canadian dollars.
For interest and dividend payments, DTC customers also can take advantage of DTC’s Elective Dividend Service (EDS). With EDS, DTC customers will be able to obtain “at-source” tax relief for Canadian issues. At-source relief allows DTC customers to pay the lower tax rate at the time of a dividend payment, rather than a higher or maximum rate, which would require a tax reclaim to recover the over-withheld amount. This allows investors to eliminate the expensive and time-consuming processing associated with cross-border hard-copy tax reclamation.
“In addition to the tax advantages the new settlement system offers, the expanded settlement process that DTC has initiated will make for one-stop shopping for many participants,” said Kirby. “It limits the interfaces and the repositioning they will have to do, streamlining cross-border trading and making clearance and settlement and corporate actions processing more efficient.”
The Canadian-Link Services, which went into operation in 2005, supports the processing and settlement of transactions in Canadian dollars at The Depository Trust Company (DTC), a DTCC subsidiary. This helps eliminate problems associated with maintaining split inventories in Canadian and U.S. securities and enables customers to concentrate all U.S. and Canadian security positions in their DTC accounts.
“The new services significantly expand the Canadian-Link Services program by offering our customers new processing capabilities for income, redemption and corporate action payments, and it gives them the option of settling in either U.S. or Canadian dollars,” said Patrick Kirby, DTCC managing director for Asset Services. The services were launched in July 2008.
“Many of the banks and broker/dealers participating in Canadian-Link Services requested that we expand our custodial duties to bring further efficiencies to their work processes,” Kirby added. Under the original program, DTC customers could clear and settle Canadian dollars at DTC, but they had to turn to CDS or other custodians for corporate actions.
The expansion enables DTC customers to receive and make payments on all corporate actions events for eligible Canadian issues – approximately 1,000 are now eligible – including tender offers and rights issues in Canadian dollars or a mix of U.S. and Canadian dollars.
For interest and dividend payments, DTC customers also can take advantage of DTC’s Elective Dividend Service (EDS). With EDS, DTC customers will be able to obtain “at-source” tax relief for Canadian issues. At-source relief allows DTC customers to pay the lower tax rate at the time of a dividend payment, rather than a higher or maximum rate, which would require a tax reclaim to recover the over-withheld amount. This allows investors to eliminate the expensive and time-consuming processing associated with cross-border hard-copy tax reclamation.
“In addition to the tax advantages the new settlement system offers, the expanded settlement process that DTC has initiated will make for one-stop shopping for many participants,” said Kirby. “It limits the interfaces and the repositioning they will have to do, streamlining cross-border trading and making clearance and settlement and corporate actions processing more efficient.”
Saturday, 31 May 2008
OMX Securities And Brooks Macdonald
OMX Securities, a leading supplier of outsourced clearing and settlement services, today announced that Brooks Macdonald Asset Management is leveraging its existing clearing and settlement agreement with OMX to support significant growth in its discretionary management business.
Brooks Macdonald Asset Management is a subsidiary of specialist wealth management company Brooks Macdonald Group and has £1.0524bn funds under management (as at 31st December 2007). OMX Securities provides Brooks Macdonald with outsourced clearing and settlement services in UK, Foreign and European equities and funds.
When Brooks Macdonald needed to take on new business it turned to OMX Securities to achieve a rapid scaling up of its outsourced clearing and settlement operation in order to handle the increased volume of discretionary management business. OMX Securities successfully met mission critical timeframes, supporting Brooks Macdonald in achieving its sales and growth targets.
Chris Macdonald, CEO of Brooks Macdonald said: "OMX Securities helped us, quickly and efficiently, to meet the need to grow our business and have proved they are the right partner to support the continued expansion of our operation. The scalability of their clearing and settlement service will enable us to take additional new business well within our planned timeframes."
Angus Macdonald, CEO of OMX Securities comments: "OMX Securities is delighted to continue to support Brooks Macdonald to achieve its planned business growth. This project clearly signals that OMX Securities is well placed to provide wealth management firms with a flexible, responsive and professional clearing and settlement service."
OMX Securities has a proven track record in providing managed services to some of the UK's leading financial institutions. It supplies a complete business infrastructure to handle portfolio management, order management, execution, clearing, custody administration and settlement for wealth managers, institutional brokers and retail brokers.
Brooks Macdonald Asset Management is a subsidiary of specialist wealth management company Brooks Macdonald Group and has £1.0524bn funds under management (as at 31st December 2007). OMX Securities provides Brooks Macdonald with outsourced clearing and settlement services in UK, Foreign and European equities and funds.
When Brooks Macdonald needed to take on new business it turned to OMX Securities to achieve a rapid scaling up of its outsourced clearing and settlement operation in order to handle the increased volume of discretionary management business. OMX Securities successfully met mission critical timeframes, supporting Brooks Macdonald in achieving its sales and growth targets.
Chris Macdonald, CEO of Brooks Macdonald said: "OMX Securities helped us, quickly and efficiently, to meet the need to grow our business and have proved they are the right partner to support the continued expansion of our operation. The scalability of their clearing and settlement service will enable us to take additional new business well within our planned timeframes."
Angus Macdonald, CEO of OMX Securities comments: "OMX Securities is delighted to continue to support Brooks Macdonald to achieve its planned business growth. This project clearly signals that OMX Securities is well placed to provide wealth management firms with a flexible, responsive and professional clearing and settlement service."
OMX Securities has a proven track record in providing managed services to some of the UK's leading financial institutions. It supplies a complete business infrastructure to handle portfolio management, order management, execution, clearing, custody administration and settlement for wealth managers, institutional brokers and retail brokers.
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