Nyse Liffe, the derivatives division of Nyse Euronext and ICE Clear Europe, a wholly-owned subsidiary of IntercontinentalExchange, today announced plans to begin clearing the London-based derivatives market of Nyse Liffe on Monday, July 1, 2013, following successful testing with Clearing Members in recent weeks.
Subject to relevant regulatory approvals, the transition process for open positions will occur over the weekend of June 29-30, 2013.
Mark Ibbotson, Co-Chief Executive of NYSE Liffe said: "NYSE Liffe thanks customers for the support they have shown in preparing for this clearing migration. We are pleased to work with ICE Clear Europe as our clearing provider, given their strong track record for security and product innovation."
Said Paul Swann, President & Managing Director, ICE Clear Europe: "We have worked closely with Clearing Members and regulators to ensure a seamless transition to ICE Clear Europe for NYSE Liffe products. We are on track and confident of meeting the planned July 1 go-live date and we are appreciative to NYSE Liffe's customers for their role in planning for the transition."
On December 20, 2012, ICE and NYSE Euronext announced that their wholly owned subsidiaries, ICE Clear Europe Limited and LIFFE Administration and Management had entered into a clearing services agreement for ICE Clear Europe to provide clearing services to the London market of NYSE Liffe. The clearing services agreement included provisions for NYSE Liffe to transition seamlessly from their current clearing arrangements.
ICE Clear Europe was established in 2008 as the first new clearing house in the UK for over 100 years and at launch, transitioned more than US $16.5 billion initial margin and 26 million energy contracts from LCH.Clearnet to ICE Clear Europe. Today, ICE Clear Europe has 69 members and provides multi-asset clearing services for energy and credit derivatives. From July 1, 2013, this will extend to interest rate, fixed income, equity and agricultural commodity derivatives.