LONDON–(BUSINESS WIRE)–Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that the Bank of England has authorised ICE Clear Europe as a central counterparty (CCP) in accordance with the European Market Infrastructure Regulation (EMIR).
“ICE Clear Europe is delighted that our clearing operations have been authorised by the Bank of England in line with the requirements of EMIR and we will continue to work closely with our clearing members and their customers as the European clearing mandates come into force over the coming months”
In order to be authorised, ICE Clear Europe has demonstrated that the clearing house’s governance, operations, risk management, treasury and banking infrastructure is EMIR compliant.
“ICE Clear Europe is delighted that our clearing operations have been authorised by the Bank of England in line with the requirements of EMIR and we will continue to work closely with our clearing members and their customers as the European clearing mandates come into force over the coming months,” said Paul Swann, President & Managing Director, ICE Clear Europe.
ICE Clear Europe was established in 2008 as the UK’s first new clearing house in over a century and today it provides clearing for thousands of futures and options products across a wide range of asset classes, as well as Credit Default Swaps (CDS).
The clearing house was launched during the financial crisis, just as the importance of central clearing was becoming even more evident. Despite its short history, ICE Clear Europe has achieved significant milestones, including the increased sophistication of risk management systems, as well as the real-time valuation of portfolios. Shortly after launch, ICE Clear Europe quickly launched a clearing model for European Credit Default Swaps (CDS), which has a separate risk framework, guaranty fund and governance.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates a leading network of global futures, equity and equity options exchanges, as well as global clearing and data services across financial and commodity markets. The New York Stock Exchange is the world leader in capital raising, listings and equities trading.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’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, 2015, as filed with the SEC on February 4, 2016.
SOURCE: Intercontinental Exchange