ICE, DTCC Announce Closure of NYPC

manhattan-new-york-skyline-dawn-chrysler-empire-state-building
NYPC will wind down by Q3 next year.

NYPC is a joint venture between NYSE Euronext, which was bought by ICE earlier this year, and the DTCC. Under the aegis of the agreement, which ICE says it aimed at centralizing the trading and clearing of the firm's interest-rate product portfolio, NYPC will be wound down, and interest transferred by the third quarter of 2014. Lynne Martin, CEO at NYSE Liffe US, will helm NYPC during this period.

ICE has assumed NYSE Euronext's license for futures on the DTCC GCF Repo Index, and the exchange giant says that the two firms are in discussions over cross-margining solutions for participants.

"DTCC is dedicated to delivering to our clients innovative and effective solutions that help them preserve capital and reduce risk for the trading of a wide range of investment instruments," says Murray Pozmanter, managing director and general manager, clearing services at the DTCC. "We believe there are great benefits and cost savings in cross-margining and we are pleased to be working with ICE in exploring further ways to bring these types of capabilities to our mutual clients and the industry at large."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Most read articles loading...

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here