IntercontinentalExchange And NYSE Euronext Enter Clearing Services Agreement - ICE Clear Europe To Clear NYSE Liffe's Derivatives Markets
IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, and NYSE Euronext (NYSE: NYX), the preeminent global equity, equity options and fixed income derivatives market operator, today announced that, their wholly owned subsidiaries, ICE Clear Europe Limited and LIFFE Administration and Management have entered into a clearing services agreement pursuant to which ICE Clear Europe will provide clearing services to the London market of NYSE Liffe ("NYSE Liffe"). The clearing services agreement will allow NYSE Liffe to transition seamlessly from their current clearing arrangements.
"We are pleased to extend our innovative and proven clearing services through this agreement with NYSE Liffe. We will draw upon our experience as we work with NYSE Liffe to provide the regulated risk-management tools that NYSE Liffe's customers rely on to compete effectively in an evolving regulatory and economic environment," said Paul Swann, President & Managing Director, ICE Clear Europe.
"This agreement will enable us to deliver top quality clearing services through a proven futures and OTC clearing house that can securely and efficiently serve our customers, while creating new clearing opportunities," said Finbarr Hutcheson, Co-CEO of NYSE Liffe.
ICE successfully transitioned over 40 clearing members, 26.5 million contracts and over US $16 billion worth of assets during the transition from LCH.Clearnet Ltd. to ICE Clear Europe in 2008.
"We are looking forward to working with NYSE Liffe on this exciting transition of clearing to ICE Clear Europe," said Swann.
ICE Clear Europe is the clearing house for ICE's energy and European credit default swaps (CDS) markets. It is regulated by the Financial Services Authority as a Recognised Clearing House, and is a Commodity Futures Trading Commission regulated designated clearing organization and a U.S. Securities and Exchange Commission regulated securities clearing agency.
- Provides secure, capital efficient counterparty risk management and post-trade services, including physical delivery
- Real-time price and position monitoring, with position reports provided every five minutes for energy contracts
- Clears more than half of the world's crude and refined oil futures
- More than 800 cleared energy contracts