ICE Trust U.S. LLC, the world's largest clearing house for credit-default swaps, withdrew its application to the Commodity Futures Trading Commission to be registered as a clearing organization.
ICE Trust, which is owned by Intercontinental Exchange Inc. of Atlanta, said in a Dec. 23 letter to the CFTC that it was withdrawing its application because of "significant changes" proposed to regulations for derivatives clearing organizations. The proposed rules are required by mid-July under the Dodd-Frank Act.
Kelly Loeffler, vice president at Intercontinental Exchange, said by e-mail that it "anticipates transitioning to a DCO once final policy is completed."
ICE Trust, which is currently regulated by the Federal Reserve and New York State Banking Department, had applied on Nov. 12 with the CFTC to be regulated as a designated clearing organization.