IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global derivatives exchanges and over-the-counter (OTC) markets, announced today that the launch of ICE Clear Europe has been postponed, pursuant to the terms of the transition plan with LCH.Clearnet.
LCH.Clearnet and ICE Clear Europe, in consultation with the U.K. Financial Services Authority, unanimously agreed to postpone the novation of positions from LCH.Clearnet to ICE Clear Europe as a result of market conditions during the transition weekend. The revised date for the final transfer of positions and funds will be established in the near term, and is anticipated to occur later in September or in October. The technology phase of the transition was successfully completed as planned on Saturday, September 13.
"Given the success of the implementation of the transition plan this weekend, we are confident that the transfer will proceed smoothly on a rescheduled date," said ICE president and coo Chuck Vice. "This decision was made in continuous consultation with industry participants throughout the weekend, and in the interest of the broader market, in order to respond appropriately to the current dynamic environment."
ICE plans to update investor guidance for ICE Clear Europe revenues on October 2 in its monthly volume press release.
