Bakkt BitcoinTM Daily and Monthly Futures - Technology and Operations Group (TOG) Call
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Bakkt Overview • Bakkt is working with Intercontinental Exchange (NYSE: ICE) to deliver institutional-grade infrastructure for digital assets, starting with physically delivered bitcoin futures. The BakktTM Bitcoin Daily and Monthly Futures contracts bring federally regulated price discovery to bitcoin markets and enable physical delivery through secure, regulated custody. • The Bakkt Bitcoin Daily and Monthly Futures will be regulated consistent with the CFTC’s regulatory requirements, as well as the compliance regime governing other contracts at ICE Futures U.S. (IFUS), a CFTC-regulated Designated Contract Market (DCM), and at ICE Clear US (ICUS), a CFTC-regulated Derivatives Clearing Organization (DCO). The contracts will be traded on IFUS and cleared by ICUS. • The Bakkt Warehouse secures bitcoin delivered upon contract expiration and will be operated by a limited purpose trust company that will serve as a qualified custodian of bitcoin subject to approval by the NY Department of Financial Services (NYDFS). Bakkt leverages a best-in-class cyber and physical security program, carries insurance for bitcoin held in both warm and cold wallets, operates robust know-your-customer and anti-money laundering controls, and independent governance. • Bakkt’s infrastructure creates the first end-to-end regulated environment for traders to deliver and receive bitcoin in exchange for USD in standardized settlement cycles. • For additional information, please reference the Bakkt website. INTERCONTINENTAL EXCHANGE 3
ICE Offering
Bakkt Bitcoin (USD) Futures Product Overview • ICE plans to launch two new products subject to regulatory approval of the Bakkt Warehouse. The two products are: • The Bakkt Bitcoin (USD) Daily Futures. A daily settlement bitcoin future, which will enable customers to transact in a same-day market. • The Bakkt Bitcoin (USD) Monthly Futures. A monthly bitcoin futures contract will enable trading in the front month and across the forward pricing curve. • Both contracts will trade on ICE Futures U.S. and will be cleared by ICE Clear US. • Both contracts will be leveraged futures and will be margined in the same way as all other futures contacts on ICE Clear US are margined. • The futures contracts will be margined by ICE Clear US, including the collection of initial margin collateral and variation margin to manage risk. This approach is consistent with capital-efficient risk management practices in global futures markets, ranging from oil and gold to interest rates and equity index futures. INTERCONTINENTAL EXCHANGE 5
Core Elements of Bitcoin Daily/Monthly Futures Exchange & Clearing Bakkt Warehouse • Direct access for institutional investors and large • Secure digital asset warehouse architecture customers via ICE Futures U.S. & ICE Clear US featuring offline storage, continuous monitoring and alerting, and secured private ICE Global Network for • Same Guarantee Fund; ICUS will contribute an extra participant connectivity $35 million to the fund which can only be used for losses related to the Bitcoin contracts (ICE/Bakkt • Strict operating procedures to direct the safekeeping skin-in-the-game) and storage of customers’ digital assets • Bakkt and ICE Futures U.S. are bringing federally • The Bakkt Warehouse is the software system used regulated price discovery to bitcoin markets. to fulfill delivery obligations associated with the Supported by the same technology and expertise Bakkt Bitcoin Daily and Monthly Futures that powers ICE’s global markets, the Bakkt Bitcoin Daily and Monthly Futures contracts enable physical • Bakkt Warehouse users will have the ability to delivery through secure, regulated custody. deposit bitcoin from their external wallets to fulfill delivery obligations. All bitcoin withdrawals are • Bank-level AML/KYC policies, paired with extensive restricted to verified and ‘whitelisted’ blockchain blockchain surveillance addresses. INTERCONTINENTAL EXCHANGE 6
Bakkt Bitcoin (USD) Daily Future Specifications Contract Bakkt Bitcoin (USD) Daily Future A physically settled daily futures contract for bitcoin held in the Description Bakkt Warehouse Contract Symbol BTC Contract Size 1 bitcoin Price Quotation USD per bitcoin, to two decimal places $2.50 per bitcoin ($2.50 per contract). Block Trades may be Minimum Price Movement executed at $0.01 per bitcoin ($0.01 per contract). Daily Price Limit None Each Exchange Business Day on which commercial banks are Eligible Contract Dates generally open for business in New York Listing Cycle Up to 70 consecutive Eligible Contract Dates Final Settlement Physical delivery in the Bakkt Warehouse Delivery Location The Bakkt Warehouse Last Trading Day 6:00 PM Eastern Prevailing Time on the Contract Date Last/Only Delivery Day The second Exchange Business Day after the Contract Date Trading Hours 8:00 PM to 6:00 PM - Preopen at 7:55 PM - All times EPT Non-Screen Trade Types Block Trades permitted Block Trade Minimum Quantity 10 lots NCR - 50.00; RL: - 150.00; NCR, RL and IPL Levels IPL- 300.00, 5 second recalculation and hold periods. Screen Trades: $1.00 per side Exchange and Clearing Fees Block, Crossing Order and EFRP Trades: $1.60 per side Daily Settlement Window 4:58 to 5:00 pm EPT Position Limits 100,000 lots in any Contract Date Listing Exchange ICE Futures U.S. Clearing Venue ICE Clear US INTERCONTINENTAL EXCHANGE 7
Bakkt Bitcoin (USD) Monthly Future Specifications Contract Bakkt Bitcoin (USD) Monthly Future A physically settled monthly futures contract for bitcoin held in Description the Bakkt Warehouse Contract Symbol BTM Contract Size 1 bitcoin Price Quotation US Dollars per bitcoin, to two decimal places $2.50 per bitcoin ($2.50 per contract). Block Trades may be Minimum Price Movement executed at $0.01 per bitcoin ($0.01 per contract). Daily Price Limit None Listing Cycle Up to 12 consecutive contract months Final Settlement Physical delivery in the Bakkt Warehouse Delivery Location Bakkt Warehouse The second business day prior to the Delivery Day for the Last Trading Day contract month Last / Only Delivery Day The third Friday of the contract month Trading Hours 8:00 PM to 6:00 PM, preopen at 7:55 PM, all times EPT Non-Screen Trade Types Block Trades permitted Block Trade Minimum Quantity 10 lots NCR - 50.00; RL: - 150.00; NCR, RL and IPL Levels IPL- 300.00, 5 second recalculation and hold periods. Screen Trades: $1.25 per side Exchange and Clearing Fees Block, Crossing Order and EFRP Trades: $1.85 per side Daily Settlement Window 4:58 to 5:00 PM EPT Position Limits 100,000 lots in any Contract Month Listing Exchange ICE Futures U.S. Clearing Venue ICE Clear US INTERCONTINENTAL EXCHANGE 8
Key Trading Features • Trade At Settlement - TAS trades are available for the Bakkt Bitcoin Monthly Futures. • Position Limits - The limits for each of the Bakkt Bitcoin Daily and Monthly Futures are 100,000 contracts net long or net short in any one Contract Date or all Contract Dates combined (for the Daily Futures) and 100,000 contracts net long or net short in any one Contract Month or all Contract Months combined (for the Monthly Futures). • Settlement Prices - There is no reliance on the bitcoin spot market for settlement pricing for the Bakkt Bitcoin Daily and Monthly Futures. • Trading Hours - Trading hours are 8:00 p.m. EPT to 6:00 p.m. EPT, Sunday to Friday. • Trading Fees - Fees are waived through December 31, 2019. • Block Minimums - The minimum block trade size is 10 contracts. • Market Makers - IFUS intends to introduce market maker programs to support screen trading of the Bakkt Bitcoin Daily and Monthly Futures. Please contact Laura Edelman for more information – laura.edelman@theice.com • Spreads - All spread combinations for all listed contracts in the Bakkt Bitcoin Monthly Futures will be supported and subset in Daily Futures (more details to follow). • For calendar spread orders in the Bakkt Bitcoin Daily and Monthly Futures contracts, a buy order is defined as purchasing the far month and selling the near month, and a sell order is defined as selling the far month and purchasing the near month. • The leg prices for the spreads are calculated by applying an exchange calculated ‘anchor price’ at the time of the trade to the near month. The difference between the near month and the executed spread price will be applied to the far month. INTERCONTINENTAL EXCHANGE 9
Trading Firm Processes • Access and Trading Capabilities for the Daily and Monthly Bakkt Bitcoin Futures will follow existing processes • Products will be available for DAU, ISV, and WebICE trading • Market data to be distributed via existing IFUS Financials multicast channels on the ICE iMpact Datafeed • No changes to FIX OS API/iMpact API • Same Trade Capture, POF, and Drop Copy APIs are available • Strongly recommend all users test the new products in API Test • The relevant market types and multicast channels are below: Market Type ID Market Type Name Multicast Group(s) (EXISTING) IFUS Financials FOD Live Updates, IFUS Financials Top5PL Live Updates, IFUS Financials FOD Snapshots, IFUS Financials Top5PL Snapshots Digital Asset 178 Futures (NEW) Digital Assets FOD Live Updates, Digital Assets Top5PL Live Updates, Digital Assets FOD Snapshots, Digital Assets Top5PL Snapshots NOTE: Existing customers who also are authorized to trade other ICE Futures products can leverage the existing IFUS* channels. New customers who are only authorized to trade Digital Assets may leverage the new channels. • Charting capabilities on ICE Data Analytics (IDA) platform • Same EOD and Settlement processing • LEIs will be required of Trading Firms accessing Bakkt Bitcoin Futures • Pre-Trade Risk Management • Trading must use the Exchange’s System Managed Clearing Accounts (SMAs) activated for Digital Assets • SMA lot limit checks will not change • No availability of Locally Managed Accounts (LMAs) for Bakkt Bitcoin futures INTERCONTINENTAL EXCHANGE 10
Digital Asset Futures on ICE Global Network Multiple connectivity options available to access Digital Asset Futures over the ICE Global Network Global access VPN Cloud Consolidated ICE Colo centers Access Connect Feed Fastest access Digital Asset Execution Execution Digital Asset to Digital Asset Futures market services for services for Futures market Futures real data and Digital Asset Digital Asset data over the time market execution Futures Futures ICE data and services available over accessible Consolidated execution accessible the ICE VPN through public Feed, services globally via the cloud accessible via ICE Global environment the ICE Global through LCN at Network (fiber Network 350 East and wireless) Cermak (ICE Colo and Equinix) INTERCONTINENTAL EXCHANGE 11
Digital Asset Futures on ICE Global Network Existing or new customers: how to access Digital Asset Futures over the ICE Global Network? Existing New Customers Customers Interested in learning more about Contact your ICE Data Services the capabilities of ICE Global representative to enable connectivity Network in terms of connectivity to the Digital Asset Futures (Fiber/Wireless) and Colocation to (multicast feed, execution services) access Digital Asset Futures? Please contact ICE Data Services. https://www.theice.com/data-services/global-network iceglobalnetwork-info@theice.com sales@bakkt.com INTERCONTINENTAL EXCHANGE 12
Data Fees & Connectivity • Users accessing ICE Futures US markets can add bitcoin to their access IDs with no additional cost. • Market data fee waiver through June 30 2020. Thereafter, if you are not a subscriber to IFUS data, there will be a retail–priced data feed. If you are an IFUS subscriber, the data associated with the Bakkt Bitcoin Daily and Monthly Futures is included for no fee. • Consistent with receiving IFUS data, access is seamless on our applications, WebICE and ICE Connect, or via authorized vendors and ISVs. Existing direct access users who are authorized and approved can enable Bakkt Bitcoin Daily and Monthly Futures market data from the API. Delayed data can be found on www.theice.com and www.bakkt.com. • Trading and clearing firms already authorized and approved to use the ICE Global Network will be able to access IFUS through existing connections. • Connectivity should be seamless for current WebICE users or those accessing IFUS through Independent Software Vendors (ISVs) or Direct Access User Connectivity. If you’d like to access the Bakkt Bitcoin Daily and Monthly Futures through your existing API connection, please email the ICE Help Desk. INTERCONTINENTAL EXCHANGE 13
Trading Onboarding for New IFUS Customers • Reach out to your FCM to ensure that they support clearing of the Bakkt Bitcoin Daily and Monthly Futures • Determine how to trade: • TYPE A: WebICE - ICE’s proprietary futures trading platform • TYPE B: Direct User Access into IFUS via FIX API-Custom built software • TYPE C: Independent Software Vendor - Third party front-end access to IFUS markets • TYPE D: Sponsored access via FCM - Connectivity via FCM’s access to IFUS markets • TYPE A, B or C: Sign IFUS onboarding documents • TYPE B: Sign API documents • ALL TYPES: Complete the Bakkt Warehouse Agreement and the Bakkt Warehouse Customer Identification Form • ALL TYPES: Designate user access to the Bakkt Warehouse by completing the Bakkt Warehouse Registration Form • Select the level of user access type: • Admin Users – deposit, withdraw, transfer bitcoin • View Only Users – login and view-only • Bakkt will create and send logins to the Bakkt Warehouse for the designated users INTERCONTINENTAL EXCHANGE 14
Trading Onboarding for Existing IFUS Customers • Partner with a FCM that supports the clearing of the Bakkt Bitcoin Daily and Monthly Futures • Reach out to ICE User Administration to request the enablement of the digital asset futures market type • Complete the Bakkt Warehouse Agreement and the Bakkt Warehouse Customer Identification Form • (Optional) Existing API members can test their Bakkt API connectivity by emailing integrate@theice.com • Designate user access to the Bakkt Warehouse by completing the Bakkt Warehouse Registration Form: • Select the level of user access type: • Admin Users – deposit, withdraw, transfer bitcoin • View Only Users – login and view-only • Bakkt will create and send logins to the Bakkt Warehouse for the designated users INTERCONTINENTAL EXCHANGE 15
Regulation • Futures will be traded through a registered DCM and cleared through a registered DCO. • ICE Futures US is the DCM, and ICE Clear U.S is the DCO. • Contract specifications in DCM/DCO rules will require physical delivery of BTC to the Bakkt Warehouse and settlement of contract by transfer of BTC. • Regulation by the US Commodity Futures Trading Commission (CFTC) will apply to the Bakkt Bitcoin Daily and Monthly Futures. The Futures will be regulated consistent with the CFTC’s regulatory requirements, as well as the compliance regime governing other contracts at IFUS, a CFTC-regulated Designated Contract Market (DCM), and at ICE Clear US (ICUS), a CFTC-regulated Designated Clearing Organization (DCO). • To provide regulated custody in the Bakkt Warehouse, Bakkt has filed with the New York State Department of Financial Services (NYDFS) for approval to form a limited-purpose trust company that would serve as a qualified custodian of bitcoin under applicable law. INTERCONTINENTAL EXCHANGE 16
Clearing Process
Clearing Process • All trading participants will need a futures commission merchant (FCM) who is a clearing member of ICUS to trade and clear the Bakkt Bitcoin Daily and Monthly Futures. • Initial margin must be met in USD cash or US Treasuries. Please liaise with your Clearer to determine what they require to be posted as collateral. Variation margin must be paid in USD cash. • The contracts will be included in the existing EOD margin process where ICE Clear US calls for initial and variation margin. • Clearing members will not be required to handle bitcoin. The Bakkt Warehouse operations team will interact directly with trading participants to facilitate blockchain transactions. Clearing members will be given access to the Bakkt Warehouse to view customer bitcoin balances. INTERCONTINENTAL EXCHANGE 18
Clearing Documentation • Existing clearing members of ICE Clear US who only plan to clear client business do not need to sign any new documentation to clear the bitcoin futures. • Clearing members wishing to see their client’s bitcoin balances in the Bakkt Warehouse only need to complete a Bakkt Warehouse registration form informing the Warehouse of who in the clearing member’s organization requires access to the Warehouse for this purpose. • Existing clearing members of ICE Clear US who plan to clear house business need to enter into a Bakkt Warehouse Participant Agreement with the Bakkt Warehouse to open accounts at the Warehouse. INTERCONTINENTAL EXCHANGE 19
Guarantee Fund • The new futures will be supported by the existing guaranty fund • ICE Clear US will contribute an additional $35MM to the guarantee fund which can only be used for losses related to bitcoin contracts • The risk waterfall will be • Margin and guaranty fund of defaulting clearing member • New bitcoin specific skin in the game but this will only be used for bitcoin related losses - $35MM total • Existing skin in the game - $68MM total • Guaranty fund contributions of non defaulting clearing members • Assessments • ICE Clear US will run a conservative bitcoin stress test on each clearing member’s portfolio and any clearing member showing losses in this stress test will have to post incremental initial margin to cover the shortfall • This stress test protects ICE Clear US from concentrated or large directional positions in bitcoin contracts INTERCONTINENTAL EXCHANGE 20
Bakkt Bitcoin Futures Contract Delivery Process • At the point a Bakkt Bitcoin Futures contract expires: • Each clearing member’s outstanding positions are migrated to a delivery positions within ICUS. • Clearing members will choose from a list of their client’s Delivery Accounts in the Bakkt Warehouse that will make or take delivery of bitcoin. • It is important to note, if the same clearing member and/or Delivery Account is both long and short in the same contract, no netting of positions will occur during the delivery matching process. Thus, a clearing member and/or Delivery Account that holds a gross outstanding position will be required to both make and take delivery. Therefore, it is key that clearing member firms accurately report their end-of-day positions to ICE Clear US and make needed adjustments to these positions in a timely manner. • After receiving a clearing member firm’s intentions, the Bakkt Warehouse automatically ”reserves” bitcoin in each designated seller’s Delivery Account. Reserved bitcoin is not eligible for transfer out of the seller’s Delivery Account. • ICE Clear US, as part of its EOD, collects USD delivery funds from buying clearing member firms. • On the designated delivery date, the Bakkt Warehouse executes delivery and moves previously reserved bitcoin from the sellers’ to the buyers’ delivery account. • ICE Clear US then releases USD bitcoin delivery proceeds to the selling clearing member firms. • $9.75 delivery fee, waived until year-end. INTERCONTINENTAL EXCHANGE 21
Bakkt Bitcoin Futures Backend Clearing Reports • MPDAD Digital Asset Deliveries Report • A new Member Digital Asset Deliveries report will be generated in PDF and CSV formats. This report provides Clearing members information about their Digital Asset Delivery positions that are scheduled for delivery the next business day, and the associated invoice amounts per Margin Account, Currency, Exchange, Commodity Code and Delivery Account. • GSPD / GSCD Files • The Bakkt Bitcoin Daily and Monthly Futures products and contracts will be included in the GSPD and GSCD reports respectively. • GSPV / GSPVE • The Bakkt Bitcoin Daily and Monthly Futures contract settlement prices will be published in the GSPV and GSPVE reports respectively. • ICE RISK MODEL (IRM) Arrays • IRM arrays will include the standard margin rates for the for both Bakkt Bitcoin Daily and Monthly Futures products along with contract settlement prices. INTERCONTINENTAL EXCHANGE 22
Bakkt Warehouse
Bakkt Warehouse • Bakkt has a world-class cybersecurity program, leveraging the sophistication of the same systems that protect ICE Futures U.S. and the New York Stock Exchange, with additional controls customized for the unique aspects of protecting digital assets. • The delivery accounts in the Bakkt Warehouse will be in the client / end user’s name. The clearing member will not need to have an account at the Warehouse and will not need to interact with bitcoin. The clearing member will have visibility into the bitcoin that it’s clients hold at the Warehouse. • To provide regulated custody in the Bakkt Warehouse, Bakkt has filed with the New York State Department of Financial Services (NYDFS) for approval to form a limited-purpose trust company that would serve as a qualified custodian of bitcoin under applicable law. • The use of the Bakkt Warehouse is paired with the Bakkt Bitcoin Daily and Monthly Futures and is available only for the purpose of trading the Bakkt Bitcoin Daily and Monthly Futures. • There is no fee to custody bitcoin at the Bakkt Warehouse that is associated with the Bakkt Bitcoin Daily and Monthly Futures. INTERCONTINENTAL EXCHANGE 24
Bakkt Warehouse • Security: Private key operations occur in audited secure facilities equipped with armed security, biometric controls, hardware security modules, and require geographically-distributed multi- signature. Additional processes, such as separation of duties, destination wallet whitelisting, and volume and velocity controls are enforced using internally-developed software. Physical security, application development lifecycle, and cyber security are built using that same processes and controls used by IFUS and NYSE. • Insurance: Digital asset storage is insured with a $100,000,000 policy for cold storage and a $25,000,000 policy for warm storage. Rebalancing occurs across cold and warm storage tiers as to not exceed insurance coverage per tier. These policies are issued by a leading global syndicate and are regularly reviewed to ensure coverage limits are based on risk and assets under custody. • Anti-money laundering: Institutional quality AML and KYC practices, coupled with on-chain provenance research and risk scoring supports the quality of participants and bitcoin within the ecosystem. • The Bakkt Warehouse facilitates the tracking and allocation of bitcoin balances using an internal ledger. This internal ledger records deposits, transfers, deliveries and withdrawals from Bakkt warehouse. • Bakkt will undergo regular financial, security and operational control audits, including SOC certifications. INTERCONTINENTAL EXCHANGE 25
Bakkt Warehouse End-of-Day Reports • MWDIR Delivery Intentions Report • A MWDIR report will be created for each active Bakkt Warehouse Participant. • A version will be created for clearing member Participants that will show delivery intentions for its owned delivery accounts. • A separate version will be generated for a Customer Participant that will include delivery intentions for accounts owned by the applicable Customer Participant. • MFT Folder • A new MFT folder will be created for clearing members called “digital assets” where the new reports created by the Bakkt Warehouse will be posted for firms participating in the service. INTERCONTINENTAL EXCHANGE 26
UAT Testing • July 22nd, 2019 – UAT begins for clearing members & trading participants • UAT is a critical step in ensuring that ICUS clearing members are prepared to support their customers trading of the new contracts. • Testing of clearing and delivery capabilities, including processing deliveries that result from trading activity with test bitcoin tokens. • Production parallel test-run with clearing members & trading participants to ensure successful reporting and operational workflow integration with ISVs and internal back office systems. • IFUS and ICUS will have working group calls to help prepare for the new contracts and UAT. • For ICE Clear US the UAT testing for the new bitcoin products will be part of the testing of the broader 8.7 clearing release. Contact sales@bakkt.com to participate in this UAT Testing. INTERCONTINENTAL EXCHANGE 27
Timelines Key Documents Key Contacts
Digital Asset Key Timeline • July 22nd, 2019 - UAT begins for clearing members & trading participants • July 22nd , 2019 - API Test Environment available • First day of trading – A launch date is expected in Q3 2019.The launch will follow UAT and Bakkt’s receipt of regulatory approval from NYDFS. • https://www.bakkt.com/index • https://www.bakkt.com/publicdocs/Bakkt_faq.pdf INTERCONTINENTAL EXCHANGE 29
Key Contacts Business Contact Contact for general business inquiries sales@bakkt.com Existing customers who need access to bitcoin product to develop and test API integrate@theice.com integrations in the API Test environment. Trading Platform API New customers who need access to bitcoin product to develop and test API sales@bakkt.com Integration integrations in the API Test environment conformancesupport@theice.c Customers who need to schedule exchange conformance testing om Market Making Programs More details surrounding Bakkt's performance based incentive programs sales@bakkt.com The Bakkt Warehouse General inquiries, including onboarding to the Bakkt Warehouse. operations@bakkt.com ICE Futures U.S. icefuturesusmembership@thei Membership of ICE Futures U.S. Membership ce.com ICE Clear Inquiries about ICE Clear U.S. membership or changes being made in support of iceclearus@theice.com U.S. Membership the Bakkt Bitcoin Daily and Monthly Futures iceuseradministration@theice.c Production User Set-Up ICE company, user, and account set up om Participant Agreements ICE Participant agreements accountservices@theice.com Datacenter and SFTI, Colo and Hub connectivity to Production and DR sites (Basildon, Chicago, ICEglobalnetwork- Connectivity Atlanta) info@theice.com ICE functionality and requests for training on WebICE and other tools for trading WebICE Training icehelpdesk@theice.com participants Compliance/Reporting Regulatory reporting and compliance compliance-us@theice.com INTERCONTINENTAL EXCHANGE 30
Q & A Session
Disclaimer © 2019 Intercontinental Exchange, Inc. The information and materials contained in this document - including text, graphics, links or other items - are provided "as is" and "as available." ICE and its subsidiaries do not warrant the accuracy, adequacy or completeness of this information and materials and expressly disclaims liability for errors or omissions in this information and materials. This document is provided for information purposes only and in no way constitutes investment advice or a solicitation to purchase investments or market data or otherwise engage in any investment activity. No warranty of any kind, implied, express or statutory, is given in conjunction with the information and materials. The information in this document is liable to change and ICE undertakes no duty to update such information. You should not rely on any information contained in this document without first checking that it is correct and up to date. The content of this document is proprietary to ICE in every respect and is protected by copyright. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of ICE. All third party trademarks are owned by their respective owners and are used with permission. Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.intercontinentalexchange.com/terms-of-use. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on February 7, 2017. INTERCONTINENTAL EXCHANGE 32
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