IntercontinentalExchange, Inc. (NYSE: ICE), the leading electronic energy marketplace and soft commodity exchange, today announced that Thomas J. Hammond has been appointed President and Chief Operating Officer of ICE Clear U.S., Inc., ICE's wholly-owned U.S. clearing house.
When Hammond assumes the new role on September 17, 2007, George Haase, currently President of ICE Clear U.S., will become Executive Vice Chairman of the clearing house.
Hammond is a 23-year veteran in North American derivatives clearing operations. He most recently held the position of Director at the CME Group, formerly the Chicago Board of Trade, where he played a leadership role in the ongoing operation of the Common Clearing Link. From 1986 through 2002, he was employed by the Board of Trade Clearing Corporation (BOTCC), where he rose to Executive Vice President and Chief Operating Officer. His responsibilities included overseeing a staff of 170 employees, including risk management and technology groups, as well as operations and business development.
"We are pleased to welcome Tom and the wealth of clearing operations expertise he brings to ICE as we expand our clearing services on a global scale to provide integrated clearing and execution, cost benefits and technology enhancements to traders and FCMs," said Jeffrey C. Sprecher, ICE Chairman and CEO. "Tom has vast experience in clearing from both technical and operational perspectives, and he has earned a solid reputation within the industry through his results and customer relationships. George will continue to be an integral part of ICE Clear's operations. I'd like to take this opportunity to express our gratitude to George for his leadership and his service to both NYBOT and the futures industry."
Due to Haase's desire to spend more time with his family and pursue personal interests, he will facilitate an orderly transition of the responsibilities of President to Hammond over the next several months. Hammond will work closely with Paul Swann, President and COO of ICE Clear Europe, in the expansion and development of ICE's global clearing businesses.
ICE acquired the New York Clearing Corp. (NYCC) through its January 2007 acquisition of the Board of Trade of the City of New York (NYBOT). NYCC was was renamed ICE Clear U.S., Inc. effective June 1, 2007, and operates as a registered Derivatives Clearing Organization under the oversight of the U.S. Commodity Futures Trading Commission.