The IntercontinentalExchange (ICE) has released a patent for the business process that supports ICE eConfirm, the firm’s electronic trade confirmation service. The patent matches and categorizes trades between a trader and counterparty based on the electronically submitted trade details. The patent also translates 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. ICE eConfirm, which serves as the front-end application for the ICE Trade Vault swap data repository under the Dodd-Frank Act, is set to launch in early 2012.
Click here for the release from IntercontinentalExchange.