Friday, September 2, 2011

IntercontinentalExchange Receives Methods Patent for Electronic TradeConfirmation Service

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IntercontinentalExchange, an operator of global regulated futures exchanges, clearing houses and over-the-counter markets, announced that the United States Patent and Trademark Office has issued it a patent for the business process that underpins eConfirm, the company's electronic trade confirmation service.

According to a release, the patent covers the design of a computer system that matches and categorizes trades between a trader and counterparty based on the electronically submitted trade details. Additional aspects of the patent include translation of data values to those in a master database, electronic confirmation of trades governed by a master agreement, and a matching engine that compares and categorizes broker trade confirmations. These business methods constitute the foundation of IntercontinentalExchange eConfirm.

"This patent recognizes ICE's leadership in pairing technology with workflow enhancements to improve derivatives transaction processing and transparency," said David Goone, Senior Vice President and Chief Strategic Officer. "Commodity market participants have benefited from the significant improvements in efficiencies brought about by ICE eConfirm over the last decade. We are pleased that this patent will help us protect ICE's intellectual property and enable us to build out additional services for the industry."

Officials noted that IntercontinentalExchange eConfirm will serve as the front-end application for the IntercontinentalExchange Trade Vault swap data repository under the Dodd-Frank Act, and is slated to launch in early 2012. Participants in the commodity markets will be able to use IntercontinentalExchange eConfirm to submit non-cleared trades and end-user clearing exemptions in order to comply with new reporting requirements.

"The patented functionality makes ICE Trade Vault a compelling extension of our trade confirmation service for our customers," said Bruce Tupper, ICE Trade Vault Vice President. "Customers will benefit from a cost-effective solution that relies on superior technology and enables seamless integration into existing workflows."

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Source Citation
"IntercontinentalExchange Receives Methods Patent for Electronic Trade Confirmation Service." Professional Services Close-Up 2 Sept. 2011. Gale Power Search. Web. 2 Sep. 2011.
Document URL

Gale Document Number: GALE|A265800820

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