IDB SERVICES
ICE LINK IDB OVERVIEW
ICE Link delivers a single point of entry for all
ICE LINK AGNOSTIC CONNECTIVITY
credit derivative trades executed in the interdealer
broker (“IDB”) market. This includes
ICE LINK IDB
INTERFACE
both electronic and voice executed trades.
For voice executed trades, ICE Link allows an
affirmation service to ensure 100% accuracy
in trade capture.
STP ONLY/NO AFFIRMATION
ION GATEWAY
The IDB service eliminates the need to build
a proprietary link to each broker. This reduces
development costs for dealers and speeds
AMENDMENTS
(ELECTRONIC/VOICE)
IDB SERVICES
IDB SERVICES
NEW TRADES
(ELECTRONIC/VOICE)
CANCELATIONS
ALL IDB & D2C
MESSAGING
(ELECTRONIC/VOICE)
time to “go-live”.
NEW TRADES
(VOICE)
In addition to providing connectivity, ICE Link
common format. This includes:
PRIME
BROKERS
• Counterparty mappings
• FpML
(our
dealer-to-client
affirmation service).
and
TERMINATIONS
NOVATIONS
PRIME BROKERAGE
GIVE-UP
D2C
MESSAGING
D2C
MESSAGING
ALL IDB & D2C
MESSAGING
INVESTMENT
ADVISORS
FUTURE DERIVATIVE
The ICE Link IDB Service can be implemented
independently from ICE Link’s Affirmation
ALLOCATIONS
DEALER-TO-CLIENT SERVICES
DEALER-TO-CLIENT SERVICES
CALYPSO
adds value by normalizing trade data to a
• RED mappings
DEALERS
IDB & D2C
MESSAGING
ICE LINK API
ICE LINK API
PRIVATE LINE (MQ LINK)
NEW TRADES, TERMINATIONS,
NOVATIONS MESSAGING
dealer-to-dealer
Should you choose to
utilise ICE Link Affirmation for voice trades,
those affirmations
incur standard ICE Link
messaging charges.
PRODUCT/TECHNICAL INFORMATION
BENEFITS OF ICE LINK IDB ADOPTION
Solution
Reduce operational risk and cost
• ISDA, FPML and RED Compliant
• Same day trade affirmation
• Java API and tool kit
• Eliminates errors from manual entry
• Typical Time to Production 6-8 weeks
• Creates electronic audit trails
• Dedicated ICE Link Integration Team
Supported Products
• Single Name CDS
• Credit Indices
• Credit Index Tranches
• Bonds
• LCDS
• ABS
Reduce Integration Costs
• One API for all electronic and voice execution sources
• One API for all markets locations - Europe, North America
and Asia
• Normalise trade data to common format
Save traders time particularly when volumes are up
• No longer required to manually enter trades and resolve
Documentation Required
trade disputes
• ICE Link Service Level Agreement
• IDB Authorisation Form (per IDB)
Allows banks to fully exploit e-trading benefits
ELECTRONIC TRADES
True electronic trades have the capacity to be
validly STP’ed to your systems without further
ELECTRONIC TRADES
affirmation. However most electronic trades
are currently booked manually by traders
creating potential for input errors and trade
breaks at DTCC.
The ICE Link Service allows trades from all
electronic sources to be routed via the ICE Link
API to the dealer’s trade capture system. True
electronic trades are delivered in an “Affirmed”
state reflecting that no further affirmation is
required by either counter-party.
The diagram (right) describes how true
electronic trade from an IDB is routed vian ICE
Link to both counter-parties in the trade in an
affirmed state.
IDB VOICE TRADES
Voice trades are also delivered to the counterparties via the ICE Link API.
IDB VOICE TRADES
These trades are delivered in an Alleged state
giving the dealer the ability to distinguish
between the two types of trade.
The dealer is then able to treat them
accordingly in their trade capture system.
The diagram (right) describes how a true
electronic trade from an IDB is routed vian ICE
Link to both counter-parties in the trade in an
Alleged state.
For more information, please contact:
London +44 (0)20 7429 4500 | New York +1 212 323 6000
www.theice.com
© 2009 ICE, Inc. All rights reserved. This document and the information contained herein are for information purposes only and remain confidential and proprietary to ICE, Inc. and its affiliates. All information is provided “as is” with
all faults and with no warranties of any kind. Any unauthorized reproduction, distribution or use is strictly prohibited. This information is intended to be used by investors who are either eligible counterparties or professional clients
only and not retail participants. Accordingly, services and products mentioned or referred to in this document are not available to retail clients.