Following approval of its ICE Trade Vault as a trade repository in several provinces, Intercontinental Exchange (ICE) says that it will also be seeking approval in Alberta.
On Tuesday, both the Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF), announced that ICE Trade Vault (and a couple of other firms) have been approved as a trade repository for the over-the-counter (OTC) derivatives transactions. ICE notes it will serve the commodity, credit, and foreign exchange asset classes.
“We are pleased with OSC’s approval following a thorough application and review process,” said Bruce Tupper, president of ICE Trade Vault. “ICE is committed to meeting its customers’ global reporting obligations, and this approval extends our service to help them address their regulatory requirements.”
The firm said Wednesday that it will seek trade repository registration in Alberta once the provincial rules are finalized. New Canadian trade reporting requirements are scheduled to take effect on October 31.
ICE notes that it was the first swap data repository to receive provisional regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC), and that it began accepting credit default swaps trade data in October 2012, and commodities trade data in February 2013. In November 2013, it was also approved as a trade repository for reporting swaps and futures trade data in Europe.
“Adopting ICE’s repository technology will ensure minimum disruption for participants who can continue to use their existing connectivity to report derivatives data in real-time,” it says.