18 August 2017
Find out more

Nyse Liffe completes clearing transition to ICE Clear Europe

02 July 2013  |  1078 views  |  0 Source: Intercontinental Exchange

ICE Clear Europe, a wholly-owned subsidiary of IntercontinentalExchange, and Nyse Liffe, the derivatives division of Nyse Euronext, today announced the completion of the clearing transition for the London-based derivatives market of Nyse Liffe to ICE Clear Europe.

The clearing transition involved 43 member firms with 75 million contract sides being transferred to ICE Clear Europe and US $11.17 billion margin held at the clearing house on the morning of July 1, 2013. The combined guaranty fund for ICE Energy and NYSE Liffe Futures and Options is set at U.S. $1.2 billion from July 1, 2013. In addition, the migration covered over 1,300 products across bond, commodity, equity, index and interest rate derivatives and ten new settlement currencies for ICE Clear Europe.

Mark Ibbotson, Co-Chief Executive of NYSE Liffe said: "NYSE Liffe would like to thank its customers, ICE Clear Europe and LCH.Clearnet for completing this clearing migration in short order. We look ahead with confidence and excitement about the future as we deploy this new platform with ICE Clear Europe to innovate and deliver a first class service to our customers."

Said Paul Swann, President and Managing Director, ICE Clear Europe: "ICE Clear Europe would also like to thank customers of NYSE Liffe for their effort and commitment over the last six months. We will continue to work closely with customers to respond to their requirements over the coming weeks and to develop new cleared products and capital efficiencies."

Said Jeffrey C. Sprecher, ICE Chairman and Chief Executive Officer: "In just under five years, ICE Clear Europe has launched hundreds of new products and become a leading multi-asset clearing house in Europe, clearing more than 3 million contracts daily. I am proud of the efforts of our teams in completing this latest milestone."

Following the migration of clearing for NYSE Liffe products, ICE Clear Europe provides clearing services for energy, emissions, agricultural, credit, interest rate, fixed income and equity derivatives. ICE Clear Europe currently has 80 members and is on track to be compliant with the European Market Infrastructure Regulation in the second half of 2013.

On December 20, 2012, ICE and NYNYSE 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 from their current clearing arrangements. 

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.eudownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real Time Payments is...
A Finextra member Finextra Member Commented on: Real Time Payments is...

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10376 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8553 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7970 views 0 | 1 tweets | 9 linkedin
Hong Kong fintech accelerator sets up shop in MalaysiaHong Kong fintech accelerator sets up shop...
6932 views comments | 9 tweets | 3 linkedin