Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced that it has successfully completed the transition of the Liffe European interest rate derivatives complex to ICE Futures Europe.
Following the migration, European interest rate futures and options are now listed on the widely distributed ICE trading platform, which also lists U.S. interest rate futures, including Eurodollar and GCF Repo futures. These were previously listed on Liffe U.S. and were migrated to the ICE trading and clearing platforms in June 2014.
The transition of the Liffe interest rate products to ICE was completed between October 6 and November 3, with the following contracts successfully migrated in three tranches:
November 3, 2014 – Interest Rate Contracts:
Three Month Euro (Euribor) Futures and Options
Three Month Euro (Euribor) Mid-curve Options
Three Month Eonia Swap Index Futures
October 20, 2014 – Interest Rate Contracts:
Three Month Sterling Futures and Options
Three Month Sterling Mid-curve Options
Long Gilt Futures and Options
Ultra Long Gilt Futures
October 6, 2014 – Interest Rate Contracts:
Three Month Euroswiss Futures and Options
One Month Eonia Futures
Short and Medium Gilt Futures
Short, Medium, Long and Ultra Long Bund Futures
Short, Medium and Long Italian Government Bond (BTP) Futures
Short, Medium and Long Spanish Government Bond (Bonos) Futures
Medium and Long Swiss Confederation Bond Futures
Euro Swapnote® Futures and Options
Sterling Swapnote® Futures
U.S. Dollar Swapnote® Futures
Swiss Franc Swapnote® Futures
The London soft commodity transition of Cocoa, Robusta Coffee, White Sugar and Feed Wheat to ICE Futures Europe was completed on September 29, 2014; and the final phase of the Liffe migration will be the equity derivatives product suite, which is expected to transition to ICE Futures Europe on November 17, 2014.
The Liffe equity derivative product suite includes futures and options contracts on the FTSE 100 Index and futures contracts on the MSCI World and MSCI Europe Indices, as well as a comprehensive range of Single Stock Futures, Dividend Adjusted Stock Futures and Individual Equity Options.
The ICE trading platform features state-of-the art technology and functionality, including trading applications such as the WebICE trading front end, ICE mobile, ICE Chat and ICE Options Analytics.
The transition of Liffe contracts to the ICE platform provides:
Retention of a pro-rata, allocation-based matching model for interest rate futures markets;
Enhanced wash-trade prevention protections, including ICE’s self-trade prevention functionality; and
Improved pre-trade risk management technology, interval price limit circuit breakers and sophisticated messaging policies to maintain highly efficient, orderly and reliable markets
The clearing transition of the Liffe market to ICE Clear Europe was completed in July 2013. All Liffe commodity, interest rate and equity derivatives contracts will continue to be cleared at ICE Clear Europe.
