The Commodity Futures Trading Commission (CFTC) Thursday approved the application of ICE Trade Vault LLC, a subsidiary of IntercontinentalExchange Inc. for provisional registration as a swap data repository, the first one to be approved under the Dodd-Frank Act of 2010.
Swap data repositories are a category of CFTC registered entities created by the financial reform legislation to perform a variety of functions related to the collection and maintenance of swap transaction data and information.
ICE Trade Vault was provisionally registered as a swap data repository for the interest rate, credit, foreign exchange and other commodity asset classes.
The company will be required, as will all future provisionally and fully registered swap data repositories, to demonstrate continued compliance with existing regulations and to come into compliance with new regulations, amendments and guidance in order to obtain and maintain permanent registration.
The CFTC said granting the provisional registration was not to be considered an indication that the Commission would approve a permanent registration for ICE Trade Vault.
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