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ICE Clear Europe Marks One Year Anniversary; New Contracts, Real-Time Risk Management, CDS Clearing Contribute to 'Best Innovation' Designation
Tuesday, November 03, 2009 7:46 AM


LONDON, Nov. 3, 2009 (PR Newswire Europe) -- v>

IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets, today marked the one-year anniversary of the launch of ICE Clear Europe. Based in London, ICE Clear Europe launched on November 3, 2008, amid crisis in financial markets worldwide and during a period of significant demand for additional central clearing services.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090727/CL51999LOGO )

ICE Clear Europe ensures the integrity of trades in ICE's futures and over-the-counter (OTC) markets for energy and credit derivatives by eliminating counterparty and credit risk among market participants. Through leading edge technology, risk management systems and extensive default protections, ICE Clear Europe supports the needs of its clearing members and global market participants. The clearing house introduced cleared credit derivatives in July of 2009, demonstrating its flexibility to offer clearing services for an expanded range of asset classes.

"The successful launch of ICE Clear Europe just six weeks after the collapse of Lehman Brothers illustrates the demand for, and benefits of, centralized clearing services in an expanded range of products and markets," said Paul Swann, President of ICE Clear Europe. "We are grateful to our members for their continued support, and we look forward to working with participants as we continue to expand our services to meet the dynamic requirements of our customers."

"The growth of ICE's global energy OTC and futures markets following the launch of ICE Clear Europe has exceeded our expectations, particularly considering the challenges brought about by a highly volatile and uncertain financial market environment," said Jeffrey C. Sprecher, ICE Chairman and CEO. "Our vision for investing in central clearing has not only supported growth in our business, but also significant risk management enhancements to mitigate systemic risk."

ICE Clear Europe Year One Achievements Key Statistics - Successfully transferred 28.5 million contracts sides to ICE Clear Europe on 3 November 2008, together with associated margin of approximately US$16.5 billion.




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