IntercontinentalExchange (NYSE: ICE), a leading global commodity exchange operator and over-the-counter marketplace, today announced the appointment of JPMorgan Treasury & Securities Services ("JPMorgan TSS") as consolidation bank for its wholly-owned European clearing house, ICE Clear Europe.
JPMorgan TSS will provide multi-currency payments, global custody and additional securities services and will put into place a cash investment program for ICE Clear Europe. Under the agreement, ICE Clear Europe and JPMorgan TSS will develop jointly the Assured Payment Service (APS). The APS system will allow Clearing Members to choose where they hold their bank accounts and will initiate payments for Clearing Members at a predetermined time.
"We are pleased to announce the appointment of JPMorgan TSS as our consolidation bank," said Paul Swann, President and Chief Operating Officer of ICE Clear Europe. "JPMorgan TSS has established a reputation as the payment bank of choice to many of the world's leading investment exchanges for delivering reliable and innovative treasury services. This partnership is a key milestone in the development of a solid, innovative and customer focused clearing operation, and we look forward to working with JPMorgan TSS to advance these aims."
S. Natarajan, head of sales for financial institutions at JPMorgan Treasury Services, a division of JPMorgan TSS, said: "We look forward to working with ICE Clear Europe on developing tailored solutions, which will provide additional functionality for clearing house members."
On July 31, 2007, ICE Clear Europe submitted its application for recognition as a clearing house to the U.K. Financial Services Authority.