Intercontinental Exchange consolidates bond business under new broker-dealer

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Intercontinental Exchange is consolidating its ICE BondPoint, TMC Bonds and ICE Credit Trade businesses under a single management team and banner, ICE Bonds, which will be run under a new broker-dealer licence, subject to regulatory approval.

The new firms will use end-of-day fixed income pricing and analytics from ICE Data Services, while offering multiple anonymous and disclosed trading protocols, including click-to-trade, request-for-quote and portfolio auctions, and provides access across the fixed income spectrum, from corporates, municipals, treasuries, agencies and certificates of deposit.

Marshall Nicholson, President, ICE Bonds

ICE has appointed Marshall Nicholson as president of ICE Bonds to lead this new offering. Nicholson was formerly president of Millennium Advisors, a technology-driven broker-dealer serving the fixed income markets and, before that, was managing director and president of BondPoint, which was part of KCG Holdings. Tom Vales will report to Nicholson as COO of ICE Bonds and will continue in his role as head of TMC Bonds.

The three automated trading systems will continue to be operated by TMC Bonds LLC and Creditex Securities Corporation for the time being, with the intention of consolidating the trading systems under a single broker-dealer later this year.

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