Pruis Out, Edmonds In at ICE Trust
February 19, 2010
IntercontinentalExchange, Inc. said Friday morning that it appointed Christopher S. Edmonds president of its credit default swap clearing house, ICE Trust U.S.
Edmonds replaces Dirk Pruis. The company said Pruis "departed to spend time with his family before pursuing further professional interests.''
"Dirk managed the very strong team at ICE Trust that has established our leadership, and that team continues to produce remarkable results, " said ICE Chairman and CEO Jeffrey C. Sprecher. Edmonds, he said, "brings tremendous leadership and experience, and together we will strive to expand on our success in credit derivatives.''
The change comes less than a year after the launch of ICE Trust. ICE Trust began clearing swaps based on indices in March and single-name swaps in December.
ICE Trust has cleared more than $300 millionof trades submitted by buy-side customers. The company said it has 10 active buy-side participants and a significant number of customers in the testing phase.
In total, ICE Trust has cleared nearly $4 trillion in notional value of index and single name swaps, the company said, with open interest of $258 billion.
IntercontinentalExchange is a leading operator of regulated futures exchanges and over-the-counter markets for agricultural, credit, currency, emissions, energy and equity index contracts.
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