Intercontinental Exchange, Inc. (NYSE:ICE) today announced the launch of a new reference data service for private credit instruments.

The new service builds on the recent launch of ICE IDs, which are the first foundational identifiers for private credit.

As the private credit market has scaled, the data infrastructure supporting it has not kept pace, with market participants generally relying upon unstructured, fragmented datasets. ICE’s new reference data service utilizes the firm’s extensive reference data infrastructure and expertise to extract and deliver private credit data directly to clients. ICE Private Credit Reference Data leverages ICE IDs, which are assigned at origination and persist throughout the full asset lifecycle, enabling consistent data and more efficient workflows across the ecosystem.

“As a foundational dataset, reference data represents the master data structure that everything else is built off – from security identification and research to secondary market trading, risk management and through to clearing and settlement,” said Chris Edmonds, President of ICE’s Fixed Income and Data Services. “This new dataset for private credit builds on over 25 years of experience at ICE working with leading partners like Apollo, and bringing technology and transformational change to markets to support them as they develop and grow.”

ICE Private Credit Reference Data and ICE IDs are foundational offerings of ICE Private Credit Intelligence, an industry-wide initiative started by ICE and Apollo to build the foundational data infrastructure for the private credit market. As an anchor originator for ICE Private Credit Reference Data, Apollo has contributed deal-level data relating to over 5,000 deals and ICE IDs, totaling over $1.3 trillion in notional cover data.

“The growth of private credit necessitates stronger market infrastructure, and data standardization is an essential building block which enables more efficient market activity and stronger investor confidence,” said Eric Needleman, Partner and Head of Apollo Capital Solutions. “We’re pleased to work with a trusted and experienced data provider like ICE to launch this service and offer a consistent and reliable dataset to participants throughout the market.”

ICE Private Credit Intelligence offers secure, permissioned data sharing that utilizes a standardized reference dataset to enable the flow of instrument-level information with authorized counterparties, without exposing proprietary data. 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.

As a leading provider of global reference data, ICE offers terms and conditions and corporate actions on over 35 million financial instruments covering 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.