Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announces that ICE Clear Europe, ICE’s London-based clearing house, has been recognized by the European Securities and Markets Authority (ESMA), the European Union (EU) securities markets regulator, as a third country central counterparty in accordance with the European Markets Infrastructure Regulation (EMIR). This recognition will take effect once the transition arrangement between the United Kingdom and EU ends.
“This recognition helps ensure that EU market participants can continue to access global markets cleared at ICE Clear Europe once the transition arrangement ends,” said Hester Serafini, President of ICE Clear Europe. “We appreciate ESMA’s efforts and for providing this recognition”.
With approximately four million contracts cleared every day across multiple asset classes, ICE Clear Europe acts as a central counterparty that becomes the buyer to every seller and the seller to every buyer for its clearing members. Through this central counterparty function, ICE Clear Europe provides financial security for each transaction for the duration of the position by limiting counterparty credit risk. ICE Clear Europe clears futures and options contracts for interest rates, equity index futures, energy products, agricultural products and credit default swaps.