IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives exchanges and over-the- counter (OTC) markets, announced today that ICE Clear Europe(TM) has received recognition from the UK Financial Services Authority (FSA) as a UK Recognised Clearing House, following HM Treasury approval and an Office of Fair Trading review.
"ICE has a long-standing appreciation for the importance of clearing and its vital role in the operation of markets," said ICE chairman and ceo Jeffrey C. Sprecher. "We are working to provide an integrated clearing solution to the market to promote continued innovation in risk management and the expansion of cleared markets. ICE Clear Europe seeks to provide new products and services in a timely and cost efficient manner in response to the needs of our end users, member firms and risk managers."
"We have made significant operational progress to date working closely with the clearing community to build our European clearing business, and FSA recognition is a key milestone for us," said Paul Swann, president of ICE Clear Europe. "We are grateful for the support of clearing firms in these efforts. We will continue to work closely with market participants to develop a leading financial safeguard system."
ICE Clear Europe is being formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE’s electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
Based in London, ICE Clear Europe is expected to commence operations in July 2008.