26 February 2018
visit www.nextgenbanking.co.uk/

ICE secures FSA approval for UK clearing house

13 May 2008  |  7306 views  |  0 Parliament Big ben London

US market operator IntercontinentalExchange (ICE) has received regulatory approval to establish its own clearing operation in London.

ICE's clearing operation - ICE Clear Europe - has been granted permission to operate in the UK by the UK Financial Services Authority (FSA) following HM Treasury approval and an Office of Fair Trading (OFT) review, says the US exchange.

Based in London, ICE Clear Europe is expected to commence operations in July 2008.

Paul Swann, president of ICE Clear Europe, says: "We have made significant operational progress to date working closely with the clearing community to build our European clearing business, and FSA recognition is a key milestone for us."

ICE said last year that it planned to terminate its existing clearing agreements with LCH.Clearnet and establish its own clearing operation in the UK.

ICE's London-based subsidiary, ICE Futures, has been using LCH.Clearnet's clearing services since October 2003, but the US exchange said last year that it had provided written notice to the London clearing house to terminate the agreements.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

LCH.Clearnet and DTCC in merger talks - report

LCH.Clearnet and DTCC in merger talks - report

29 April 2008  |  9484 views  |  0 comments
Furse calls for regulators to intervene on vertical silos

Furse calls for regulators to intervene on vertical silos

17 April 2008  |  7722 views  |  0 comments
Liffe confirms clearing house plan

Liffe confirms clearing house plan

26 March 2008  |  8201 views  |  0 comments
ICE to establish London clearing house

ICE to establish London clearing house

25 July 2007  |  10625 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comRegister for the webinarvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12843 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10958 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
9520 views comments | 15 tweets | 27 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8875 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
8808 views comments | 11 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job