(Bloomberg) — Intercontinental Exchange Inc., the market operator and parent of the New York Stock Exchange, is angling to become a central clearinghouse for US Treasuries and repurchase agreements — services required by new regulation for the world’s largest debt market.
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ICE is laying the groundwork to clear US Treasuries through its existing clearing house, ICE Clear Credit, according to Chris Edmonds, president of ICE’s fixed-income and data services. The firm is seeking regulatory approval and is in discussions with the US Securities and Exchange Commission as it prepares its application for review, he said.
An approval would transform the $27 trillion Treasury market, which has only one registered central clearinghouse. Other entities have also expressed interest in becoming central clearers for US government debt.
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