ATLANTA, Aug. 30, 2011 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that the United States Patent and Trademark Office has issued it a patent for the business process that underpins ICE eConfirm, the company's electronic trade confirmation service.
The patent (No. 8,007,743) 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 ICE eConfirm, which has matched and confirmed more than 11 million trades since its launch in 2002.
"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."
ICE eConfirm will serve as the front-end application for the ICE Trade Vault swap data repository (SDR) under the Dodd-Frank Act, and is slated to launch in early 2012. The combination of ICE Trade Vault and ICE eConfirm will streamline reporting by employing processes and systems already in use by the industry. Participants in the commodity markets will be able to use ICE 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."