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Screenshot of a breaking news alert e-mail from Q2 2017
Operator of exchanges and clearing houses Intercontinental Exchange Inc (NYSE:ICE) today announces an innovative interest rate contract that aims to facilitate term financing arrangements, such as repos. Consummated transactions in ICE’s Funds Rate contract will offer real-time transparency into the interest rate funding markets in a range of currencies.
The patent-pending solution was developed and licensed by principal trading firm DRW, and has pricing characteristics similar to a zero-coupon bond.
ICE also said today it is forming an advisory committee which comprises financial institutions, liquidity providers and subject matter experts. The key aim of the committee is to help bring the contract to market in late 2016, subject to regulatory approval.
For the official announcement from ICE, click here.