ICE Clear Europe (TM), a wholly-owned subsidiary of IntercontinentalExchange (NYSE: ICE), today announced that it has reached agreement with LCH.Clearnet (LCH) and Members on the transition date for the movement of all ICE Futures Europe(TM) and ICE over-the-counter (OTC) trading positions from LCH to ICE Clear Europe. The transition will occur over the weekend of September 13-14, 2008. Existing futures and OTC clearing arrangements between ICE and LCH remain unchanged until the transfer is complete. ICE Clear Europe had previously announced that the transition date was expected to occur in the month of August, but was subject to further consultation with LCH and clearing members.
Since its recognition by the Financial Services Authority (FSA) on May 12, 2008, ICE Clear Europe has received membership applications from 47 clearing firms and the transfer of 100% of the open positions established at ICE Futures Europe and ICE OTC from LCH to ICE Clear Europe has been facilitated (effective at transition). Under the active oversight of the FSA, ICE Clear Europe has worked diligently with clearing members and third-party systems providers to complete the transition plan.
Despite the two-month delay, ICE expects to be at or near the low end of its prior 2008 revenue guidance for ICE Clear Europe, which was based on an expected transition date of July 21, 2008. Additional financial guidance regarding ICE Clear Europe will be provided with IntercontinentalExchange, Inc.’s second quarter earnings announcement on August 4.