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Gold/Mining/Energy : IntercontinentalExchange ICE
ICE 148.52-1.4%3:59 PM EDT
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From: Sr K3/7/2009 10:21:31 AM
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MARCH 7, 2009 ICE Swap Business to Start Monday

By SARAH N. LYNCH

WASHINGTON -- The IntercontinentalExchange Inc. received approval from the Securities and Exchange Commission Friday on its plan to offer centralized clearing for credit-default swaps, which will pave the way for it to start operating this month.

ICE's new clearinghouse for credit-default swaps, ICE US Trust, will begin offering clearing on Monday, making it the first company in the U.S. to do so, the company said in a statement.

In light of the market crisis, lawmakers and regulators have been pushing for the creation of clearinghouses for credit-default swaps as a way to help reduce risk in the marketplace from these complex instruments.

"It is critical that we bring increased transparency to credit-default swaps by developing efficient and effective oversight of credit-default swap clearing agencies," said SEC Chairman Mary L. Schapiro. "These conditional exemptions will help enhance competition in the market for the central clearing of credit-default swaps, and ensure greater protections for investors through SEC regulatory oversight of the central counterparty."

ICE's plan was approved by the Federal Reserve Board and the antitrust division of the Department of Justice earlier this week. The Fed will serve as its primary regulator.

online.wsj.com
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