ICE says in-house clearing set for August

Source: IntercontinentalExchange

ICE Clear Europe, a wholly-owned subsidiary of IntercontinentalExchange (NYSE: ICE), today announced that it has reached consensus with LCH.Clearnet (LCH) on the technical issues to facilitate the movement of all ICE Futures Europe and ICE over-the-counter (OTC) trading positions from LCH to ICE Clear Europe.

Under the technical framework, ICE expects the transition of clearing to ICE Clear Europe to occur during the month of August, with a specific transition date to be finalized in the coming days following consultation with clearing members.

The existing futures and OTC clearing arrangements between ICE and LCH will remain in effect until the transition is complete.

Since its recognition by the Financial Services Authority (FSA) on May 12, 2008, ICE Clear Europe has received membership applications from 47 clearing firms and the transfer of 100% of the open positions established at ICE Futures Europe and ICE OTC from LCH to ICE Clear Europe has been facilitated (effective at transition). Under the active oversight of the FSA, ICE Clear Europe has worked diligently with clearing members and third-party systems providers to complete the transition plan.

Updated financial guidance regarding ICE Clear Europe will be provided with IntercontinentalExchange, Inc.'s second quarter earnings announcement on August 4. ICE does not expect the new transition timeline to impact prior financial guidance, which was based on a July 21, 2008 transition date.

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