Transcription of Cleared Swap Contracts - the ICE
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Cleared Swap Contracts - the ICE
Cleared Swap Contracts Frequently Asked Questions November 7, 2011 Copyright Intercontinental Exchange, Inc. 2009. All Rights Reserved. ICE Futures Cleared Swap Contracts FAQ November 7, 2011 Cleared swaps are over-the-counter (OTC) agreements that are eligible to be Cleared by ICE Clear , but which are not executed on ICE Futures (the "Exchange") either electronically or on the trading floor. A Cleared swap contract is created when the parties to an off-exchange, OTC transaction agree to extinguish their OTC contract and replace it with a Cleared swap contract . This will provide the same efficiencies and benefits that centralized clearing offers traders of Contracts listed for trading on the Exchange including credit risk intermediation and the ability to offset positions initiated with different counterparties.
• Cleared swap contracts are cleared -only; they are not available for trading on Exchange; • Cleared swap contracts held to expiration are cash-settled, they do not provide for or allow physical delivery; • Cleared swap contracts expire on a different schedule than Exchange- traded futures contracts.
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