The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice.
ICE Data Pricing & Reference Data provides global securities evaluations and reference data
designed to support financial institutions’ and investment funds' valuation activities, securities
operations, research, and portfolio management.
Evaluated prices are market-based measurements that are processed through a rules-based
pricing application and represent our good faith determination as to what the holder may receive
in an orderly transaction (for an institutional round lot position typically 1MM or greater current
value USD or local currency equivalent) under current market conditions. The rules-based logic
utilizes standard valuation techniques that vary by asset class and maximizes the use of relevant
observable inputs, including quoted prices for similar assets, benchmark yield curves and market
corroborated inputs.
These evaluations are not tailored to the individual needs of our customers. Evaluations are
provided as of a certain time, bid, mean, and ask and also based on settlement conventions,
dependent on asset class, sector, delivery system, and/ or security type. We produce the same
evaluation for each security based on the evaluation type and a given point in time. It is up to the
client to choose and retrieve the evaluation type at a point in time. Additionally, it is important
to note that we also provide continuous evaluated pricing throughout the day which is delivered
to all subscribers irrespective of customer type.
Company affiliates, Interactive Data (Europe) Ltd., ICE Data Services Australia Pty Ltd., ICE Data
Services Hong Kong Limited and Intercontinental Exchange Germany GmbH provide evaluations
for certain securities, which the Company makes available to its customers.
Fixed income securities for which the Company provides evaluated pricing include:
U.S. and Global Corporate and Government Bonds, including investment grade and high
yield bonds and preferred stock, fixed and floating rate securities, stripped coupon and
principal issues,
U.S. and Global Leveraged Loans
U.S. and Global Money Market Instruments
U.S. Municipal Bonds – including taxable & tax-exempt, and investment grade and high-
yield municipal securities
U.S. and Global Convertible Securities
U.S. and Global Commercial Mortgage-Backed Securities (CMBS)
U.S. Collateralized Mortgage Obligations (CMO) – Agency/Government Sponsored
Enterprise (GSE)
U.S. and Global Private Label Residential Mortgage-Backed Securities (RMBS)
U.S. and Global Asset-Backed Securities (ABS)
U.S. Agency/GSE Pass-Through Securities – including FNMA, FHLMC, GNMA and SBA
securities, and
Emerging Market Debt
The Company also provides evaluated prices for certain equity securities including:
Global and American Depositary Receipts, and
Fair Value Information Services for international equities, international equity index
futures and international equity options
Integration of Content and Services with Securities Evaluations, Inc. At the end of 2017, the fixed income evaluated pricing data content provided by our related
person, Securities Evaluations was integrated with evaluated pricing produced by PRD.
Product files delivered to customers and remaining legacy Securities Evaluations systems were
migrated by the end of 2018.
Provision of services to Unit Investment Trusts, including daily NAV calculations for UIT share
prices, transitioned to PRD by the end of 2018. The evaluated prices used in calculating UIT
NAVs are generated by the integrated evaluated pricing team.
As of December 31st, 2018, Securities Evaluations filed with the SEC for withdrawal from its
investment adviser registration.
ICE Data Pricing & Reference Data, which has been in business since 1968, is a Delaware Limited
Liability Company, and is a wholly-owned subsidiary of Intercontinental Exchange, Inc.
(NYSE:ICE).
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The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice and, as such, its fees and compensation arrangements are not typical of those historically employed by investment advisers.
The Company provides its services to a wide range of institutional customers (see Item 7 for
additional information) and typically offers three types of fee arrangements:
a fixed fee subscription (on either a multi-year, annual, quarterly, monthly, or daily basis)
variable fees based on the number of securities evaluated, or
a combination of fixed fee subscription and usage-based fees.
Fees are subject to negotiation. Fees vary based on the services selected, method of delivery,
and delivery frequency. For a small number of customers, the Company provides services in
exchange for contributed market data. The Company may also receive fees from re-sellers based
on a percentage of revenue.
The Company does not require or solicit prepayment of fees six months or more in advance.
Additional Fees and Expenses Third party licenses and additional fees may apply for access to certain data. Customers are
responsible for any applicable taxes and for their own costs associated with all equipment and
communication necessary to use the service.
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Not Applicable - The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice, and therefore there are no performance-based fees or side-by-side management.
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The Company calculates, publishes, and provides its evaluated pricing to a wide range of primarily
institutional customers, including:
Government entities,
Broker-dealers,
Banks and thrifts,
Clearing and custody firms,
Investment advisers and registered investment companies,
Other pooled investment vehicles (e.g., hedge funds and private funds),
Fund administrators and processors,
Pension and profit-sharing plans,
Insurance companies,
Corporations and other business entities,
Public accounting and research firms, and
Universities and other not-for-profit entities.
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Not Applicable - The Company does not design, market or sell investment strategies, manage assets, or provide personalized investment advice. The Company provides and publishes evaluated pricing for approximately 2.7 million fixed
income securities daily.
The Company estimates and publishes evaluated pricing based upon its documented
methodology, incorporating specific data inputs and widely recognized financial formulas. These
evaluated prices are intended to represent an objective third party view of what a holder of the
security may receive in an orderly transaction under current market conditions. The rules based
logic utilizes standard valuation techniques that vary by asset class and maximizes the use of
relevant observable data including quoted prices for similar assets, benchmark yield curves and
market corroborated inputs. The Company prepares and publishes both intraday and end of day
evaluations.
For each asset class, a team of evaluators:
1. Design and document a methodology for calculating the value of securities based upon
the relevant set of data inputs and widely recognized financial principles,
2. Confirm that the process as implemented complies with the documented methodology,
3. Oversee daily operation of the system, respond to any exception alerts regarding out-of-
tolerance inputs or outputs, and correct or exclude erroneous inputs per the
documented methodology and update the outputs, and
4. In coordination with management identify, from time to time, methodology
improvements and make changes to inputs and/or the process.
5. Assess client evaluation challenges and respond based on the determination of their
findings.
CONTINUOUS EVALUATED FIXED INCOME PRICING Continuous Evaluated Pricing offers evaluations for certain fixed income instruments throughout
the trading day. Through rules based logic, these evaluations are continuously updated as market
information, including quotes and trades, are received and processed. Trade execution data from
FINRA and the MSRB’s trade reporting systems are important inputs into our evaluations of US
Corporate, US Agency, US TBA MBS and US Municipal bonds. Additional market data sources
may include, but are not limited to, inputs from dealer runs, information from electronic
communication networks (ECNs), transaction reporting services, and market participants.
The continuous evaluation workflow is designed to rapidly process incoming data while
maintaining evaluator oversight of changing market conditions and the potential impact to our
rules based pricing applications. Automation rules drive generation of evaluated prices as market
data is received and processed and preset parameters may be adjusted to reflect prevailing
market conditions. As exceptions are identified by the algorithm, based on internal tolerances
defined by the methodology, the pricing applications generate notifications that are reviewed by
the evaluators.
The continuous evaluation process not only produces evaluations throughout the day, but also
culminates in an “end-of-day” evaluated price (e.g. as of 3:00 p.m. Eastern Time and/or 4:00
p.m. Eastern Time for U.S. markets). For non-US securities, continuous evaluations are
calculated throughout the trading day and with end-of-day evaluations as of the close of local
markets.
END-OF-DAY FIXED INCOME EVALUATED PRICING End-of-day fixed income evaluated prices are produced by incorporating intraday market
information processed by algorithms in near real time. These evaluated prices are derived based
upon the applicable close of the local market or, in the U.S., both 3:00 p.m. and 4:00 p.m. Eastern
Time benchmarks for U.S. corporate and structured securities. Evaluated prices for U.S.
municipal bonds and U.S. convertible bonds are as of 4:00 p.m. Eastern Time.
Consistent with the process for Continuous Evaluated Fixed Income Pricing, as exceptions are
identified by the algorithm, the pricing applications generate notifications that are reviewed by
the evaluators. More time is allotted for the release of end-of-day evaluations to support
additional quality controls, including sign off by the asset class manager prior to the release.
EQUITIES EVALUATED PRICING Global & American Depositary Receipts (ADRs): The Company provides daily evaluated pricing for listed and unlisted ADRs. ADRs are calculated
at approximately 4:30 p.m. Eastern Time. For Latin and South American market-based ADRs, we
use the 4:00 p.m. Eastern Time intra-day underlying price when trading is still in session.
Fair Value Information Services: Our Fair Value Information Services are designed to provide clients with information that can be
used by the client to estimate a price for an international exchange-traded equity issue that
would likely prevail in a liquid market, in view of market information available at the time of each
security’s evaluation (e.g., at the time of the New York Stock Exchange close).
THIRD-PARTY VALUATION SERVICE The Company does not consider the following third-party valuation services as part of its evaluated pricing business. For reference, below is a description of each:
Valuations for Canadian dollar-denominated corporate, treasury, provincial, and
municipal bonds, zeros, strips, and trusts/funds provided by SVCSM (a service of SS&C
Technologies, Inc.)
Valuations for certain Student Loan Auction Rate Securities (SLARS), and Auction Rate
Preferred Securities (ARPS) provided by Pluris Valuation Advisors LLC, and
CDO/CLO and other security, derivative and instrument valuations provided by Bank of
America/Merrill Lynch.
Broker Quotes: For certain U.S CMOs and other U.S. fixed income securities, such as
synthetic convertibles, catastrophe bonds and structured/index linked notes, we
provide a quote passed to us directly from brokers (“Broker Quotes”) when sufficient
information, such as cash flows or other security structure or market information, is not
available to produce an Evaluation. Broker Quoted securities are adjusted based solely
on our receipt of updated quotes from bond issuers/underwriters or secondary market
makers. A list of such issues is compiled daily as of market close and is available via our
proprietary 360View SM system. Broker Quoted securities are subject to quality controls
for unchanged values and daily tolerance.
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The Company does not design, market or sell investment strategies, hold or manage assets, or
provide personalized investment advice and, there were no material legal or disciplinary events
regarding the Company or our management in the prior ten years.
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Affiliates Company’s affiliates include TMC Bonds LLC, Interactive Data (Europe) Ltd., ICE Data Services
Australia Pty Ltd., Creditex Securities Corporation, ICE Data Services Hong Kong Limited and
Intercontinental Exchange Germany GmbH.
Interactive Data (Europe) Ltd., ICE Data Services Australia Pty Ltd., ICE Data Services Hong Kong
Limited and Intercontinental Exchange Germany GmbH provide evaluations for certain securities,
which Company makes available to its customers. Interactive Data (Europe) Ltd., ICE Data
Services Australia Pty Ltd. and ICE Data Services Hong Kong Limited are wholly owned subsidiaries
of ICE Data Services, Inc. under common control with Company.
ICE Data Services Australia Pty Ltd. has been granted an AFS license by the Australian Securities
and Investments Commission. Interactive Data (Europe) Ltd., ICE Data Services Hong Kong
Limited and Intercontinental Exchange Germany GmbH are not required to be registered in its
jurisdiction.
Creditex Securities Corporation, also doing business as BondPoint, is an SEC registered broker
dealer and a wholly owned subsidiary of ICE, which in turn places it under common control with
the Company.
TMC Bond LLC is an SEC registered broker dealer and a wholly owned subsidiary of ICE, which in
turn places it under common control with the Company.
Related Adviser ICE acquired Securities Evaluations from S&P Global on October 4, 2016. By the end of 2017,
the fixed income evaluated pricing data content provided by our related person, Securities
Evaluations, was fully integrated with evaluated pricing produced by the Company. Product
files delivered to customers and remaining legacy SE systems were also migrated by the end of
2018.
Provision of services to Unit Investment Trusts (UIT), including daily NAV calculations for UIT
share prices, continued to operate under SE until transitioned to PRD by the end of 2018. The
evaluated prices used in calculating UIT NAVs are generated by the integrated evaluated pricing
team.
Securities Evaluations filed with the SEC its withdrawal from registration as an investment adviser
(ADV-W) on February 4th, 2019 ceasing investment advisory operations as of December 31st,
2018.
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The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice. The Company adopted an amended and restated Code of Ethics on August 15, 2018 as required
pursuant to Rule 204A-1 under the Advisers Act. The Company posts the Code of Ethics on its
website, (http://www.theice.com) and will provide its customers with a copy of its Code of Ethics
upon request.
The Code of Ethics covers the following principal areas:
standards of ethics expected of Supervised Persons, who must follow principles of integrity,
avoidance of conflicts of interest, and honesty in dealings with customers ;
requirements for Access Persons to complete and submit initial and annual securities
holdings and quarterly securities transactions reports, and preclear personal transactions
in reportable securities;
requirements for Supervised Persons to promptly report violations of the Code of Ethics
and to disclose transactions or relationships that might give rise to a conflict of interest;
requirements for Supervised Persons to report any outside business activity on a
declaration form;
limitations on the actions of Supervised Persons, including that each Supervised Person may
accept or provide only small gifts and accept or provide business entertainment only if
infrequent, modest and intended to serve legitimate business goals;
prohibitions on the actions of Supervised Persons, including that each Supervised Person
may not trade based on material, non-public information or tip others to trade based on
material non-public information, and may not offer, give or receive bribes in connection
with Company business.
Each Supervised Person is provided a copy of the Code of Ethics and any amendments and is
required to provide a written acknowledgment of the Code of Ethics. Personnel at Company’s
affiliates who prepare or supervise the preparation of evaluations are also Supervised Persons
and subject to the Code of Ethics.
Compliance with the Code of Ethics The Chief Compliance Officer is responsible for implementing and administering the Code of
Ethics. Supervised Persons are required to report any violations of the Code of Ethics or
applicable laws. Failure to comply with the Code of Ethics may result in disciplinary action, up to
and including termination.
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Not Applicable - The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice.
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The Company does not design, market or sell investment strategies, hold or manage assets, or provide personalized investment advice and as such, has no customer referral or compensation arrangements typical of many investment advisers.
Nonetheless, and for the avoidance of doubt, the Company does not directly or indirectly
compensate third parties for referrals. For a small number of customers, the Company provides
services in exchange for contributed market data. The Company may also receive fees from re-
sellers/ redistributors based on a percentage of revenue.
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As a wholly-owned subsidiary of a publicly traded company, comprehensive financial information
is readily available to customers and can also be provided by the Company upon request.
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