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ICE Clear Credit LLC ICE Clear Credit, a Delaware limited liability company, is a Derivatives Clearing Organisation (DCO) previously known as ICE Trust US LLC. ICE Trust US LLC was launched in March 2009. In 2009 ICE Trust became a New York chartered bank for purposes of Federal Reserve Act and was therefore eligible for membership in the Federal Reserve System. ICE Clear Credit LLC operates as a central counterparty (CCP) and clearinghouse for credit default swap (CDS) transactions conducted by its participants. ICE Clear Credit LLC is a subsidiary of IntercontinentalExchange (ICE). ICE Clear Credit LLC is a wholly owned subsidiary of ICE US Holding Company LP (ICE LP) which is "organized under the law of the Cayman Islands but has consented to the jurisdiction of United States courts and government agencies with respect to matters arising out of federal banking laws (Federal Reserve System 2009)." ICE offers trade execution and processing for the credit derivatives markets through Creditex and clearing through ICE Trust™. ICE Trust "is overseen by the Federal Reserve Board and members may include banks or other institutions that fulfill the membership requirements, which include net worth of at least $5 billion as well as a credit rating of A or better." > ICE is controlled indirectly by Intercontinental-Exchange, Inc. (ICE) ICE’s wholly owned subsidiary, ICE US Holding Company GP LLC (ICE GP), a Delaware limited liability company, is the general partner of ICE LP. ICE, ICE GP, and. "ICE LP is organized under the law of the Cayman Islands but has consented to the jurisdiction of United States courts and government agencies with respect to matters arising out of federal banking laws." "()egulators increasingly regard clearing houses as central to financial stability (Hosking and Griffiths 2012)." On July 19, 2012 The Financial Stability Oversight Council designated ICE Clear Credit LLC as a Systemically important financial market utility (FMU). 〔The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Payment, Clearing and Settlement Supervision Act of 2010) mitigate financial risk in the financial system and promoting financial stability by giving the Board of Governors of the Federal Reserve authority to set risk management standards for entities that have been designated as Systemically Important Financial Market Utilities (FMU) by the Financial Stability Oversight Council (FSOC). On July 18, 2012 FSOC designated the eight entities as being systemically important utilities: ICE Clear Credit LLC, The Clearing House Payments Company, L.L.C., on the basis of its role as operator of the Clearing House Interbank Payments System, CLS Bank International, Chicago Mercantile Exchange, Inc., The Depository Trust Company, Fixed Income Clearing Corporation, National Securities Clearing Corporation, The Options Clearing Corporation. It under the FDIC's resolution authority where these entities can be placed into receivership and wound-up by the FDIC rather than reorganizing or liquidating under the supervision of a bankruptcy court.〕 ICE Clear Credit waived the right to appeal. This subjects this entity to enhanced regulatory oversight. "One of the concerns raised by regulatory bodies is the concentration of CDS trading in only a few dealer institutions in recent years. (Note that the top 10 global banks are involved in 70% of all credit derivatives transactions.) Over time, the use of clearinghouses such as ICE Trust (Clear Credit LLC since July 16, 2011 ) is expected to reduce the volume of settlement payments among members of the clearinghouse and, in theory, reduce counterparty credit risks that arise under CDS. However, trading CDS through clearinghouses may not effectively address concentration risk given that, at least initially, the clearinghouse members will be the major dealers currently involved in most trades. In order to address counterparty risk, members must provide collateral to ICE Trust (Clear Credit LLC since July 16, 2011 ) to cover their obligations under cleared CDS. Members must also make initial and ongoing contributions to a guaranty fund that can be used by ICE Trust in the event of a member default (Forrester et al 2009)." 〔 ==Regulatory Oversight== ICE Clear Credit LLC is regulated by the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization (DCO) and by the Securities and Exchange Commission (SEC) as a Securities Clearing Agency (SCA).〔 On July 19, 2012 The Financial Stability Oversight Council designated ICE Clear Credit LLC as a Systemically important financial market utility (FMU). 〔The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Payment, Clearing and Settlement Supervision Act of 2010) mitigate financial risk in the financial system and promoting financial stability by giving the Board of Governors of the Federal Reserve authority to set risk management standards for entities that have been designated as Systemically Important Financial Market Utilities (FMU) by the Financial Stability Oversight Council (FSOC). On July 18, 2012 FSOC designated the eight entities as being systemically important utilities: ICE Clear Credit LLC, The Clearing House Payments Company, L.L.C., on the basis of its role as operator of the Clearing House Interbank Payments System, CLS Bank International, Chicago Mercantile Exchange, Inc., The Depository Trust Company, Fixed Income Clearing Corporation, National Securities Clearing Corporation, The Options Clearing Corporation. It under the FDIC's resolution authority where these entities can be placed into receivership and wound-up by the FDIC rather than reorganizing or liquidating under the supervision of a bankruptcy court.〕〔 ICE Clear Credit waived the right to appeal. This subjects this entity to enhanced regulatory oversight. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「ICE Clear Credit」の詳細全文を読む スポンサード リンク
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