IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, today announced that due to the strong preference of our customer base to trade futures as soon as practical, ICE has accelerated its plans to transition cleared OTC energy swaps and options to futures. The transition will now take effect on October 15, 2012.
“After further consultation with customers we determined that it was best to move this transition to October in order to support the daily hedging and risk management requirements of commercial participants,” said ICE President and chief operating officer Charles A. Vice.
As previously announced, these products will continue to be listed and traded on the ICE platform and cleared at ICE Clear Europe, and block trades will continue to be available subject to applicable requirements. All uncleared swaps will continue to be listed on ICE’s OTC platform, which will register as a swap execution facility when the SEF rules are finalized.
Cleared North American natural gas, electric power, and environmental products will be listed as futures on the ICE Futures U.S. energy division. Cleared oil products, freight, iron ore and natural gas liquid swaps will be listed as futures on ICE Futures Europe. All products will continue to clear at ICE Clear Europe, which was approved as a CFTC-regulated derivatives clearing organization in 2010.
ICE had previously planned to transition in January of 2013.
Additional information and updates on the transition can be found at: www.theice.com/S2F
