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the entire record, the Board has concluded that this consideration is consistent with approval of the proposal. The Board also has considered the convenience and needs of the community to be served.19 [Footnote 19. Because ICE Trust will not accept deposits or have federal deposit insurance, it will not be subject to the Community Reinvestment Act. 12 U.S.C. § 2901 et seq. End footnote 19.] As noted, the establishment of ICE Trust as a CCP for CDS contracts is expected to benefit financial markets significantly, by reducing systemic risks associated with counterparty credit exposures in CDS transactions, and thereby enhance the stability of the overall financial system. In addition, ICE Trust would promote greater market transparency by making publicly available the closing settlement price and related volume and open interest data for each cleared product, on terms that are fair, reasonable, and not unreasonably discriminatory. For these reasons and based on a review of the entire record, the Board has concluded that the convenience and needs considerations are consistent with approval of the proposal. Conclusion Based on the foregoing and all the facts of record, including all the commitments, stipulations, and representations made in connection with the application, and subject to all the terms and conditions set forth in this order, the Board has determined that ICE Trust’s proposed membership in the Federal Reserve System should be, and hereby is, approved. The Board’s approval is specifically conditioned on compliance with Regulation H,20 [Footnote 20. 12 CFR Part 208. End footnote 20.] with receipt of required authorizations from certain other agencies,21 [Footnote 21. Those agencies are the NYSBB and the Securities and Exchange Commission. End footnote 21.] and with all the commitments, stipulations, and representations made in connection with the application, including the commitments and conditions discussed in this order. The commitments, stipulations, representations, and conditions relied on in reaching this decision shall be deemed to be conditions imposed in writing by the Board in connection with its findings and decision and, as such, may be enforced in proceedings under applicable law.

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