Intercontinental Exchange is an American company that has exchanges for financial and commodity markets, and operates 23 regulated markets and markets. These include ICE futures exchanges in the United States, Canada and Europe, Liffe futures exchanges in Europe, New York Stock Exchange equity exchange exchanges and OTC, credit and equity markets.
ICE juga memiliki dan mengoperasikan 6 rumah pusat kliring: ICE Clear Europe, ICE Clear AS, ICE Clear Canada, ICE Clear Singapore, ICE Clear Netherlands, ICE Clear Credit dan The Clearing Corporation. ICE memiliki kantor di New York, London, Chicago, Houston, Winnipeg, Amsterdam, Calgary, Washington, D.C., San Francisco, Tel Aviv, dan Singapura.
Video Intercontinental Exchange
Histori
Jeffrey C. Sprecher is a power plant developer who sees the need for a seamless natural gas market for power generators. In the late 1990s, Sprecher acquired Continental Power Exchange, Inc. with the aim of developing an Internet-based platform to provide a more transparent and efficient market structure for OTC energy commodity trading. (Popper 2013)
In May 2000, ICE was founded by Sprecher and backed by Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank, and Socià © à © tà ©  © gÃÆ' © nn representing some of the largest energy traders in the world.
The new exchange offers better price transparency for the trading community, greater efficiency, greater liquidity and lower costs than manual trade. While the company's initial focus is on energy products (crude and processed oil, natural gas, electricity and emissions), the acquisition has expanded its activities into soft commodities (sugar, cotton and coffee), foreign exchange and equity futures indexes.
In response to the US financial crisis in 2008, Sprecher formed the New York-based ICE US Trust, now called ICE Clear Credit LLC, to serve as a limited destination bank, clearing house for credit default swaps. Sprecher works closely with the Federal Reserve to serve as an over-the-counter (OTC) derivative clearing company. "The US regulator is interested in a clearinghouse type for opak derivative overtake (OTC) as a risk management tool in the absence of a central counterparty - which will guarantee payments if the trading party can not do so - there is a high risk of massive market disruption".
The main supporters for ICE US Trust are the same financial institutions most affected by the crisis, the top ten largest banks in the world (Goldman Sachs, Bank of America, Citi, Credit Suisse, Deutsche Bank, JPMorgan, Merrill Lynch, Morgan Stanley and UBS). Sprecher clearing houses clean up their global credit credit swaps (CDS) in exchange for sharing profits with these banks. On September 30, 2008, the Financial Post warned that "the $ 54,000bn credit derivative market faced its biggest test in October 2008 because billions of dollars in contracts on derivatives that now fail to be auctioned off by the International Swap and Derivatives Association." In his article in the Financial Post, he described the ICE as " "US-based electronics futures" that raised bets on October 30, 2008 in an attempt to expand the credit-derivative market by $ 54,000 billion. (Weitzman 2008)
In 2010, the Intercontinental Exchange has cleared more than $ 10 trillion in credit default swaps (CDS) through its subsidiary, ICE Trust CDS (now ICE Clear Credit). (Terhune 2010)
By 2017 the Intercontinental Exchange has been designated as Fortune Future 50 which determines the top 50 companies that have the best position to adapt and deliver growth in complex environments. ICE is also named Fortune 500 in June 2017 and is the only exchange operator included in the rankings.
Maps Intercontinental Exchange
Mergers and acquisitions
Intercontinental Exchange has had a policy to grow through the acquisition of other exchanges, a number of these have been successful while others have failed because of concern by regulators or others that the new company will create a monopoly situation. Large acquisitions and acquisitions have included:
International Petroleum Exchange (IPE)
In June 2001, ICE expanded its business into futures trading by acquiring London-based International Petroleum Exchange (IPE), now ICE Futures Europe, which operates an open open-energy European futures exchange. Since 2003, ICE has partnered with the Chicago Climate Exchange (CCX) to host the electronics market. In April 2005, the entire ICE portfolio of energy futures became fully electronic and ICE closed the high profile and international historic trading floors of the Petroleum Exchange.
The New York Trade Council (NYBOT) 2005
ICE became a public company on November 16, 2005, and was added to the Russell 1000 Index on June 30, 2006. The company grew rapidly in 2007, acquired the New York Board of Trade (NYBOT), and ChemConnect (a commodity chemical market).
Chicago Board 2007 2007 Trade Offer
In March 2007 ICE made an unsuccessful $ 9.9 billion bid for the Chicago Board of Trade, which was acquired by the CME Group.
Winnipeg Commodity Exchange (WCE) 2007
IntercontinentalExchange Inc., "Atlanta-based energy exchange" bought the well-known 120-year-old Winnipeg Commodity Exchange, known for its $ 40 million canola lease contract.
Winnipeg Commodity Exchange (WCE) renamed ICE Futures Canada on January 1, 2008. In 2004, the Winnipeg Commodity Exchange has "closed the trading floor is open" to "the first North American agricultural exchanges that trade exclusively on an electronic platform" trade through " electronic platform Chicago Board of Trade, and [use] clearing services from the Kansas City Board of Trade. IntercontinentalExchange convert the Winnipeg Commodity contract contract platform to IntercontinentalExchange, IntercontinentalExchange maintain an office and a "small core staff" in Winnipeg, Manitoba, Manitoba Safety Commission oversees operations.
Natural Gas Exchange Partnership TSX Group 2008
In January 2008, ICE partnered with Canada's TSX Group Natural Gas Exchange, extending their offering to clearing and settlement services for OTC physical gas contracts.
Climate Exchange 2010
In April 2010, ICE acquired Climate Exchange PLC for 395 million pounds ($ 622 million) and European Climate Exchange (ECX) as part of its purchase. The first exchange-traded emission product is offered by the European Climate Exchange (ECX), which was established in 2005, by listing products on the ICE Futures Europe trading platform. ICE Futures Europe is a leading market for carbon dioxide (CO2) emissions. ECX ICE products comply with the requirements of the EU Emissions Trading Scheme.
NYSE Euronext 2013
In February 2011, after the merger announced NYSE Euronext with Deutsche Borse, speculation is growing that ICE and Nasdaq can bid their own counter to NYSE Euronext. ICE is considered seeking to acquire American derivative exchange business, Nasdaq cash equity business. At the speculation, "The market value of NYSE Euronext is $ 9.75 billion, Nasdaq is worth $ 5.78 billion, while ICE is worth $ 9.45 billion." At the end of the month, the Nasdaq is reportedly considering requesting the ICE or Chicago Mercantile Exchange (CME) to join in what may be a $ 11-12 billion counterbid for the NYSE. On April 1, ICE and Nasdaq made an $ 11.3 billion offer rejected on April 10 by the NYSE. A week later, the ICE and Nasdaq sweetened their offer, including a $ 0.17 per share increase to $ 42.67 and a $ 350 million split charge if the deal was to deal with regulatory issues. Both said the offer was $ 2 billion (21%) premium on Deutsche's offer and that they had fully committed the $ 3.8 billion financing from the lender to finance the deal.
The Justice Department, also in April, "initiated an antitrust review of the proposal, which will bring almost any list of US stocks under the Nasdaq-NYSE bundle." In May, saying it "it became clear that we would not be successful in getting regulatory approval," Nasdaq and ICE withdrew their offer. The European Commission then blocked the Deutsche merger on February 1, 2012, citing the fact that the merged company will have a close monopoly.
In December 2012, ICE announced it would buy NYSE Euronext (this time without Nasdaq involvement) for $ 8.2 billion, pending approval from regulators. Jeffrey Sprecher will retain his position as Chairman and CEO. ICE board of directors and NYE Euronext approved the acquisition.
SuperDerivatives Inc 2014
In September 2014, ICE announced that it has entered into a definitive agreement to acquire SuperDerivatives, a provider of risk management analysis, financial market data, and assessment services. Terms of all-cash transactions include a purchase price of approximately $ 350 million. The settlement of the transaction is subject to regulatory approval and other customary closing conditions. This transaction was successfully completed on October 7, 2014.
Interactive Data Corporation (IDC) 2015
In October 2015, ICE announced that it has entered into a definitive agreement to acquire Interactive Data Corporation (IDC), a provider of financial market data, analysis and related trade solutions, from Silver Lake, involved in technology investments, and Warburg Pincus, a privately held equity firm on growth investments. The acquisition is worth approximately $ 5.2 billion, including $ 3.65 billion in cash and $ 1.55 billion in ICE common stock, and builds on ICE's global market data growth strategy by expanding the served market, adding technology platforms and improve data services and new assessments. The settlement of the transaction is subject to regulatory approval and other customary closing conditions. Transaction completed on December 14, 2015.
Trayport 2015 (and subsequent divestment due to CMA decision)
In December 2015, ICE acquired Trayport for $ 650 million from the GFI Group. Trayport provides a trading technology platform that caters to brokers, exchanges, home clearing and trade participants, especially in the European utility market. About 70% -80% of European utility trade flows through its platform.
After the acquisition, Competition and Market Authority (CMA) calls for mergers to be reviewed. In October 2016 announced its decision to ask ICE to sell Trayport, having decided that the merger could lead to substantially reduced competition. ICE challenged decisions at the Competition Enforcement Court (CAT), but the CAT upheld the CME decision. As a result, ICE sold Trayport to TMX Group in October 2017, in exchange for certain Group TMX assets and cash of £ 350 million.
The CMA decision against ICE is the first time CMA requires companies to sell assets that have been purchased.
​​â € <â € < â € <â €
In March 2016, ICE announced that it has signed a definitive agreement to acquire Standard & amp; Poor Securities Evaluation, Inc. (SPSE), a leading provider of pricing evaluated fixed income, and Credit Market Analysis (CMA), a leading provider of independent data for over-the-counter (OTC) markets, two assets under S & P Global Market Intelligence business unit, from McGraw Hill Financial (NYSE: MHFI). When completed, the acquisition will enable ICE to offer new data and valuation services to customers. Under the terms of the agreement, ICE may elect to fulfill payment of the purchase price due to the closing of either cash or shares of ICE common shares. All other terms of agreement are not disclosed. In October 2016, they completed the all-cash acquisition of Standard & amp; S & amp; P Global (NYSE: SPGI). Evaluation of Poor Securities (SPSE) and Credit Market Analysis (CMA).
TMX Atrium 2017
In February 2017, ICE announced it had signed an agreement to acquire TMX Atrium, an extranet and wireless service business from TMX Group. The terms of the agreement are not disclosed, and the transaction is expected to close within 90 days, subject to regulatory approval. The financial impact of the transaction will be immaterial and included in the ICE financial guidelines for 2017.
BofA Platform Merrill Lynch Global Research Index (BofAML) 2017
In February 2017, ICE announced that it has signed a definitive agreement to acquire the platform of the Global Research division of Bank of America Merrill Lynch. The BofAML Index is the second largest fixed income index used by assets under management (AUM) globally, and after closing, AUM which refers to a combination of fixed income of the ICE business index will be nearly $ 1 trillion. After closing, the index will be re-branded as the BofAML ICE index. The terms of the agreement are not disclosed, and the transaction is expected to be completed in the second half of 2017. The financial impact of the transaction is expected to be immaterial in 2017. In October 2017 ICE announced it had completed the acquisition.
Euroclear 2017
In October 2017, ICE announced it had acquired 4.7% of Euroclear shares for EUR 275 million. ICE anticipates having one representative join the Euroclear Council. Euroclear is a leading provider of postwar services, including settlement, central securities storage and related services for cross-border transactions across asset classes. Understood ICE increased its ownership to 10% by early 2018.
Virtu BondPoint 2017
In October 2017, ICE announced it had signed an agreement to acquire Virtu BondPoint from Virtu Financial for $ 400 million in cash. This acquisition is reportedly completed on 2 January 2018 as announced by ICE. BondPoint is an integrated, automated platform that offers an additional fixed income execution service and one of the most extensive set of fixed income instruments.
Chicago Stock Exchange (CHX) 2018
In April 2018, ICE announced that it has entered into an agreement to acquire Chicago Stock Exchange (CHX), a full-service exchange, including trading, data and service listing of companies. The transaction is expected to close in the second quarter of 2018, depending on regulatory approval. The terms of the transaction are not disclosed, and the financial impact will not be material to the ICE or impact payback plan.
TMC LLC 2018 Bond
In May 2018, ICE announced that it has entered into an agreement to acquire TMC Bonds LLC for $ 685 million in cash. Established in 2000, TMC Bonds are a fixed income market, supporting anonymous trading in asset classes including Municipals, Corporates, Treasuries, Agencies and Certificates of Deposit. The transaction is expected to close in the second half of 2018, subject to regulatory approvals and customary anti-trusts, and is not expected to have a material impact on 2018 financial results or payback.
Operation
ICE provides exchange trading and clearing services in a number of different markets. The main product includes:
- Futures and stock options
- Agriculture
- Finance
- Crude Oil and Refined
- Electricity
- Natural Gas/Liquids
- Natural Gas UK
- More
- Over-the-counter (ICE OTC) instrument
- Crude Oil and Fine
- Natural Gas
- Electricity
The Company is divided into the following subsidiaries :
- Market
- ICE Futures US.
- ICE Futures Europe - one of the world's largest futures and energy options
- ICE Futures Canada
- ICE Futures Singapore
- ICE Endex
- ESE OTC Energy
- Trade ICE Swap & amp; Creditex
- Delete
- ICE Clean AS.
- ICE Clear Europe
- ICE Clear Canada
- ICE Clear Singapore
- ICE Delete Dutch
- ICE Clear Credit
ICE Data Services
In 2016 the Intercontinental Exchange introduces an expanded ICE Data Service, bringing together ownership, rating, analytics, desktop and connectivity sharing data from all ICE, the New York Stock Exchange (NYSE), SuperDerivatives and Data Interaktif (IDC).
ICE initially established a subsidiary of ICE Data in 2003, recognizing the increasing demand for data exchange as the market becomes increasingly automated. ICE continues to invest in its data services to address the evolving needs of customers driven by regulatory reform, market fragmentation, passive investment and indexation, along with increased demand for data and security capacity, and independent assessment. Their customers include global financial institutions, asset managers, commercial hedging companies, risk managers, corporate issuers and individual investors.
Source of the article : Wikipedia
0 Comments