ATLANTA, May 13 /PRNewswire/ --
IntercontinentalExchange (NYSE: ICE), a leading operator of global derivatives exchanges and over-the-counter (OTC) markets, announced today that ICE Clear Europe(TM) has received recognition from the UK Financial Services Authority (FSA) as a UK Recognised Clearing House, following HM Treasury approval and an Office of Fair Trading review.
"ICE has a long-standing appreciation for the importance of clearing and its vital role in the operation of markets," said ICE Chairman and CEO Jeffrey C. Sprecher. "We are working to provide an integrated clearing solution to the market to promote continued innovation in risk management and the expansion of cleared markets. ICE Clear Europe seeks to provide new products and services in a timely and cost efficient manner in response to the needs of our end users, member firms and risk managers."
"We have made significant operational progress to date working closely with the clearing community to build our European clearing business, and FSA recognition is a key milestone for us," said Paul Swann, President of ICE Clear Europe. "We are grateful for the support of clearing firms in these efforts. We will continue to work closely with market participants to develop a leading financial safeguard system."
ICE Clear Europe is being formed to provide clearing services to the global energy markets for over-the-counter and European futures transactions executed on ICE's electronic platform. ICE Clear Europe will enable the efficient development of new cleared markets to support the risk management needs of customers, with the capability to offer similar services to an expanded range of asset classes.
Based in London, ICE Clear Europe is expected to commence operations in July 2008.
About IntercontinentalExchange
IntercontinentalExchange(R) (NYSE: ICE) is a leading operator of global exchanges and over-the-counter (OTC) markets. ICE offers futures and OTC markets on a single trading platform, including markets for crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities and financial products such as canola, cocoa, coffee, cotton, ethanol, orange juice, wood pulp, sugar, foreign currency and equity index futures and options. ICE(R) conducts its energy futures markets, including the leading oil benchmark contracts, through its London-based exchange, ICE Futures Europe(TM). ICE conducts its global agricultural commodity, foreign exchange and equity index futures markets through its U.S. and Canadian exchanges, ICE Futures U.S.(TM) and ICE Futures Canada(TM), and offers clearing services through ICE Clear U.S.(TM) and ICE Clear Canada(TM). ICE's state-of-the-art electronic trading platform serves market participants in more than 55 countries. ICE is included in the Russell 1000(R) Index and the S&P 500 Index. Headquartered in Atlanta, ICE has offices in Calgary, Chicago, Houston, London, New York, Singapore and Winnipeg. For more information, please visit 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 such 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, 2007, as filed with the SEC on February 13, 2008.
Web site: http://www.theice.com
Investor Contacts: Kelly Loeffler, VP, Investor Relations & Corp. Communications, +1-770-857-4726, kelly.loeffler@theice.com, Sarah Stashak, Director, Investor & Public Relations, +1-770-857-0340, sarah.stashak@theice.com, both of IntercontinentalExchange; Media Contact: Ellen G. Resnick of Crystal Clear Communications, +1-773-929-9292, +1-312-399-9295 (c), eresnick@crystalclearPR.com
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