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