FEDERAL RESERVE SYSTEM ICE US Trust LLC New York, New York Order Approving Application for Membership
ICE US Trust LLC (“ICE Trust”), a de novo uninsured trust company organized under New York law,1 [Footnote 1. Under New York law, a limited liability trust company may not accept deposits from the general public and must obtain an exemption from the general requirement under state law that New York-chartered banks and trust companies have federal deposit insurance. See New York Banking Law §§ 32, 102a. The New York State Banking Board (“NYSBB”) has approved ICE Trust’s charter application and its exemption from the deposit insurance requirement. Letter from NYSBB to Bradley K. Sabel, Esq., December 4, 2008. End footnote 1.] has requested the Board’s approval under section 9 of the Federal Reserve Act (“Act”)2 [Footnote 2. 12 U.S.C. § 321 et seq. End footnote 2.] to become a member of the Federal Reserve System.3 [Footnote 3. 12 U.S.C. §§ 221 and 321. ICE Trust is a bank for purposes of the Act and, therefore, is eligible for membership in the Federal Reserve System. End footnote 3.] ICE Trust proposes to operate as a central counterparty (“CCP”) and clearinghouse for credit default swap (“CDS”) transactions conducted by its participants.
ICE Trust will become a wholly owned subsidiary of ICE US Holding Company LP (“ICE LP”),4 [Footnote 4. ICE LP is organized under the law of the Cayman Islands but has consented to the jurisdiction of United States courts and government agencies with respect to matters arising out of federal banking laws. ICE LP also has committed to make available to the Board such information on the operations of ICE Trust and its affiliates as the Board deems necessary to enforce compliance with the Act and other applicable federal law. End footnote 4.] which will be controlled indirectly by Intercontinental-Exchange, Inc. (“ICE”),5 [Footnote 5. ICE’s wholly owned subsidiary, ICE US Holding Company GP LLC (“ICE GP”), a Delaware limited liability company, will be the general partner of ICE LP. ICE, ICE GP, and ICE LP have committed that ICE LP will not, without the prior approval of the Board, engage in any activity or make any investment other than holding an interest in ICE Trust and TCC. End footnote 5.] an operator of futures exchanges and over-the- counter markets