Creditex Auction Platform Improving Liquidity on Odd Lot Corporate Debt; Weekly Events Promote Trading Within Specific Sectors

ATLANTA, July 14, 2011 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, announced the successful launch of Creditex's odd lot auction (OLA) platform.  Introduced in May, the OLA platform is generating growing participation among broker-dealers that manage high-grade and high-yield corporate bonds.

(Logo:  http://photos.prnewswire.com/prnh/20090727/CL51999LOGO )

The OLA platform was introduced by Creditex Securities Corp., a subsidiary of Creditex Group Inc. – a leader in interdealer trade execution for credit derivatives and a wholly owned subsidiary of ICE. More than 30 auctions have been completed to increase liquidity for odd lot fixed-income securities in a variety of industry sectors, such as automotive, telecommunications, and manufacturing. OLA provides participants with a simple method to set price parameters, match orders and trade multiple line items during regularly scheduled events.

"The OLA platform promotes focused and efficient trading activity in a concentrated timeframe," said Grant Biggar, President of Creditex Group Inc. "We are pleased to see the growing interest and the positive response from the industry."

Each auction contains on average more than 450 individual fixed-income line items, and focuses on a specific industry sector to maximize trade potential. Over 100 market participants have used the auction to efficiently reduce odd lot bond positions. The OLA platform allows participants to quickly upload hundreds of securities at once. Creditex Securities Corp. manages all functions including pre-auction set up, submissions, trading and settlement.

Acquired by ICE in 2008, Creditex Group Inc. is a leading innovator in the credit default swaps (CDS) execution markets with a hybrid model of voice and electronic execution. Creditex Group Inc. was the first interdealer broker to offer electronic CDS execution with the introduction of electronic CDS trading in Europe in 2004, and it has offered electronic trade matching services for North American CDS since 2009. Creditex Securities Corp. is a U.S. registered broker-dealer and ATS, and is supervised by FINRA.

About IntercontinentalExchange

IntercontinentalExchange (NYSE: ICE) is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts. ICE Futures Europe hosts trade in half of the world's crude and refined oil futures. ICE Futures U.S. and ICE Futures Canada list agricultural, currencies and Russell Index markets. ICE is also a leading operator of central clearing services for the futures and over-the-counter markets, with five regulated clearing houses across North America and Europe. ICE serves customers in more than 70 countries. www.theice.com  

The following are trademarks of IntercontinentalExchange, Inc. and/or its affiliated companies: IntercontinentalExchange, ICE, ICE and block design, ICE Link, ICE Trust U.S. and ICE Clear Europe. All other trademarks are the property of their respective owners. For more information regarding registered trademarks owned by IntercontinentalExchange, Inc. and/or its affiliated companies, see https://www.theice.com/terms.jhtml

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding IntercontinentalExchange'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, 2010, as filed with the SEC on February 9, 2011.

ICE-CDS

SOURCE IntercontinentalExchange

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED