ICE Clear Europe, a new clearing service being set up by derivatives exchange group IntercontinentalExchange (ICE), has been accredited as a UK Recognised Clearing House by the UK Financial Services Authority (FSA). The decision follows HM Treasury approval and an Office of Fair Trading review.
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. The unit will be based in London is expected to start operating in July 2008.
“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, in a statement. “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.”