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ICE Announces Launch of Its Fixed Income Quotation Transparency Service
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Intercontinental Exchange (NYSE: ICE) has launched a new service to assist broker-dealers in complying with recent amendments to SEC Rule 15c2-11. This innovative solution allows users to access and review essential issuer information on fixed income securities before disseminating quotations. The service includes over 15 data fields required under the rule, facilitating compliance with the SEC's review mandates. By providing clarity on eligible securities, ICE aims to enhance operational efficiency and transparency for its clients while positioning itself as a first-mover in the regulatory compliance landscape.
Positive
Launch of a new service to help broker-dealers comply with SEC Rule 15c2-11.
Service includes over 15 essential data fields for regulatory compliance.
Positions ICE as a first-mover in addressing new regulatory requirements.
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ICE solution can help customers meet requirements under recent SEC Rule 15c2-11 amendments
ATLANTA & NEW YORK--(BUSINESS WIRE)--
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced the launch of its leading-edge service that is designed to enable broker-dealers to meet the new requirements resulting from recent amendments to SEC Rule 15c2-11. The ICE solution helps broker-dealers obtain and review issuer information about fixed income securities before publishing or submitting a quotation in a quotation medium in accordance with the newly-updated rule and conditional relief provided in the SEC Staff’s December 16 No-Action Letter.
In October, ICE launched a fixed income quotation transparency service specifically designed to help its customers address the impact of amendments to SEC Rule 15c2-11. “We continue to engage with our customers to help them navigate the new regulatory requirements under SEC Rule 15c2-11,” said Amanda Hindlian, President of Fixed Income & Data Services at ICE. “We are pleased to have been a first-mover in this space and will continue to evolve our solution to help our customers implement cost-effective ways to meet their trading and compliance needs.”
ICE’s service can also assist customers in determining which fixed income securities may be eligible for the relief provided in the SEC Staff’s December 16 No-Action Letter. For example, the dataset allows customers to identify the ultimate parent in the corporate hierarchy, providing users with an indicator that can quickly show the depth of the required data elements available, supporting the customer in making a reasonable determination of whether a security is eligible for relief.
The tool includes more than 15 data fields that are necessary to meet Paragraph (b) review requirements — which refer to specific, publicly-available documents and information about issuers and securities, including prospectuses, current annual and periodic reports, and annual statements — and includes URL links to EDGAR where unstructured data fields can be accessed, allowing users to easily search for additional relevant and applicable Paragraph (b) data. Data from ICE’s solution can also be leveraged by front- and mid-office customers, aligning visibility between traders and risk, as well as compliance and legal teams, within a single customer.
Because the SEC Staff’s No-Action Letter provides for conditional relief in three phases, ICE is actively working with its customers to equip them to navigate the specific review requirements laid out by the SEC. ICE’s service covers certain corporate, sovereign and money-market instruments and we expect to continue adding additional fixed income assets over time.
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE'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, 2020, as filed with the SEC on February 4, 2021.
What is the new service launched by ICE regarding SEC Rule 15c2-11?
ICE's new service assists broker-dealers in meeting compliance requirements under SEC Rule 15c2-11, providing essential issuer information for fixed income securities.
How does ICE's solution help with SEC compliance?
The solution offers access to over 15 necessary data fields and helps identify eligible securities for conditional relief, simplifying compliance for broker-dealers.
What impact does SEC Rule 15c2-11 have on broker-dealers?
SEC Rule 15c2-11 requires broker-dealers to review issuer information before publishing quotations, aiming to enhance market transparency.
What types of securities does ICE's service cover?
ICE's service covers corporate, sovereign, and money-market instruments, with plans to expand the range of fixed income assets.
