Posted by: yestelli on: March 3, 2009
LONDON, March 3 /PRNewswire-FirstCall/ — Following the meeting hosted by
the European Central Bank (ECB) in Frankfurt on 24 February 2009, ICE Clear
Europe(TM) confirmed its commitment to working closely with its regulators and
the industry to provide a leading central counterparty for European credit
default swap (CDS) contracts. ICE Clear Europe is a wholly-owned subsidiary
of IntercontinentalExchange, a leading operator of regulated global futures
exchanges and over-the-counter markets.
“We recognize the importance of a European regulated central counter party
for CDS given the key role of European banks in the global CDS market,” said
Paul Swann, President and COO of ICE Clear Europe. “We are leveraging our
domain knowledge in credit derivatives and over-the-counter clearing, and
working together with regulators and market participants to deliver a solution
that meets the requirements of the European market.”
ICE Clear Europe, which is regulated by the U.K. Financial Services
Authority, anticipates a first-half 2009 launch for CDS clearing, subject to
regulatory approval. ICE Clear Europe will establish a segregated risk pool,
including guaranty fund and margin accounts, and dedicated risk management
systems for the European CDS market, with the objective of bringing a common
infrastructure to market participants.
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) operates regulated global futures
exchanges and over-the-counter (OTC) markets for agricultural, energy, equity
index and currency contracts, as well as credit derivatives. ICE(R) offers
these markets to participants around the world through its technology
infrastructure and trading platform, together with clearing, market data and
risk management services. ICE Futures Europe(R) is ICE’s regulated energy
futures exchange. ICE’s regulated North American exchanges, ICE Futures
U.S.(R) and ICE Futures Canada(R), offer markets for agricultural and
financial contracts. Creditex, a market leader in trade execution and
processing for credit derivatives, is also a wholly-owned subsidiary of ICE. A
member of the Russell 1000(R) and S&P 500 indices, ICE is headquartered in
Atlanta, with offices in New York, London, Chicago, Winnipeg, Calgary, Houston
and Singapore. www.theice.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 – Statements in this press release regarding
IntercontinentalExchange’s business that are not historical facts are
“forward-looking statements” that involve risks and uncertainties. For a
discussion of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking statements, see
ICE’s Securities and Exchange Commission (SEC) filings, including, but not
limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year
ended December 31, 2008, as filed with the SEC on February 11, 2009.
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