November 8, 2011

ICE registers to be a Swap Data Repository

Press release from ICE here.

This seems like a corporate two fingers to ISDA and DTCC and raises lots of questions:

  • If ICE provide an SDR for all trades executed and/or cleared within ICE, do firms also report to DTCC?
  • Will ICE support the new Legal Entity Identifiers to at least enable consolidation of data?
  • Will ICE support any common or standard data formats for exporting their data?
  • Will ICE support the Unique Swap Identifiers, i.e. a common format for a Trade Ref Id
  • Will ICE support the Unique Product Identifiers for OTC products?
  • Will ICE allow reporting into their SDR of trades executed outside ICE?
What is notable from the press release is any sort of statement addressing the fragmentation of data reporting that this brings, nor how ICE intend to position this service in relation to DTCC and ISDA. The press release seems to be self justifying, i.e. it’s convenient for ICE to do so, and probably convenient for our customers – it ticks a regulatory box, even if it’s not what the rest of the OTC community prefer.

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