ICE Announces Approval of Electronic Trade Document Solution for the Delivery of Commodities Globally
LONDON–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that its ICE CargoDocs Local Law electronic bill of lading solution has received approval by global shipping insurance body, the International Group of Protection & Indemnity Clubs (IG P&I), helping accelerate ICE’s work to replace paper-based trade delivery documentation with electronic documents.
IG P&I represents the 12 Clubs providing marine liability cover for 90% of the world’s ocean-shipped tonnage. The approval coincides with the U.K. and Singapore, two critical shipping jurisdictions, recently changing their laws to recognize electronic bills of lading as the legal equivalent of paper, giving commodity trade participants certainty that electronic bills of lading governed by U.K. and Singapore law are now recognized in those jurisdictions.
“The approval by IG P&I means ICE is now able to immediately issue electronic bills of lading under U.K. and Singapore law, as well as self-certify our compliance with any newly enacted country-specific local law recognizing electronic bills of lading as the legal equivalent of paper, marking a significant milestone in our work to transform analog, paper-based industries into a fully digital global trade ecosystem,” said David Farrell, Chief Operating Officer at ICE Futures U.S.
“ICE CargoDocs Local Law electronic bill of lading solution represents the industry’s first truly scalable system to enable electronic trade documents, and incoming legislation such as what we have seen adopted in the U.K. and Singapore, will help support the adoption of electronic documents by a wider group of users around the world,” Farrell continued.
ICE CargoDocs enables physical trade and supply chain participants to digitize the entire lifecycle of key title and supporting documents used in domestic and international trade and trade finance. ICE CargoDocs is provided by ICE Digital Trade which digitizes complex, fragmented, and paper-based processes, bringing increased transparency and collaboration across the many different participants involved in the physical delivery of commodities.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges – including the New York Stock Exchange – and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines and automates industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.
Source: Intercontinental Exchange
ICE Media Contact:
+44 7377 947136
ICE Investor Contact: