The NYSE owner wants to establish foundational identifiers for private credit instruments.
The Intercontinental Exchange (ICE), owner of the NYSE, has launched a classification service to create “unique, persistent identifiers (IDs) for private credit instruments,” a key focus of the ICE Private Credit Intelligence initiative to establish a master data structure for private credit, officials say.
The private credit initiative, led by ICE and private equity giant Apollo, is based on ICE IDs that “span the investment lifecycle from origination through to the final payoff date and closure of each instrument, including through potential credit events,” officials say. Apollo applies ICE IDs to its originated credit assets.
“ICE leveraged its experience in reference data to launch ICE IDs and plans to offer additional new datasets through ICE Private Credit Intelligence later this year,” officials say.
As a provider of global reference data, ICE offers terms and conditions and corporate actions for more than 35 million financial instruments across more than 210 markets, including exchanges and Alternative Trading Systems (ATS). “Reference data provides the foundational data for securities that are used for a range of functions, including trading, decision support, order management, clearance, compliance, settlement, reporting and risk management,” officials add.
“We have long believed that enhancing transparency in private credit is essential to the evolution of the asset class, and the introduction of ICE IDs for private credit represents an important milestone that further advances our multi-year efforts across data standardization, secondary market liquidity and price transparency,” says Eric Needleman, partner and head of Apollo Capital Solutions, in a prepared statement.
The infrastructure layer of ICE Private Credit Intelligence “is consistent with the experience of public credit markets. It offers secure, permissioned data sharing that utilizes a standardized reference data set to enable the flow of deal-level information with authorized counterparties, without exposing proprietary data,” officials say. It also offers a scalable data extraction and distribution model, leveraging ICE’s technology stack to ingest deal documents, extract key terms and data points, and distribute secured, consistent information at scale.”
More about ICE IDs for instruments is at: https://iceid.ice.com/.
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