IntercontinentalExchange (NYSE: ICE), a leading operator of global markets and clearing houses, today announced that it has completed its transition of cleared over-the-counter energy swaps to futures. This transition was initiated based upon feedback from customers seeking the regulatory certainty of futures markets amid the continued evolution of new swap rules.
“We thank our customers for their support and cooperation during this transition and look forward to continuing to provide leading risk management services to global energy markets,” said ICE President and COO Chuck Vice. “I am proud of the coordinated effort of our employees, trading participants, brokers, clearing members and vendors to successfully complete this complicated transition under a tight deadline with no market disruption.”
Open interest in ICE’s cleared OTC energy contracts was transitioned to identical futures contracts over the weekend. As of yesterday, all cleared North American natural gas, electric power, and environmental products are listed futures on ICE Futures U.S. while all cleared oil, freight, iron ore, and natural gas liquid products are listed futures on ICE Futures Europe. All products remain cleared at ICE Clear Europe.
