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The InterContinental Exchange has unveiled a new interest rates futures contract designed to facilitate term financing agreements such as repo deals. The contract is called ICE Funds Rate and is offering a transparent look at the interest rate funding markets in a number of currencies.
A patent protection process has been started to designate the contract as a unique product. The solution is developed by trading firm DRW, with the pricing characterizing of the contracts resembling a zero-coupon bond.
ICE is aiming to bring the contract to the market in the latter part of this year after a regulatory approval. The ... (read more)