Liffe clearing services migrate to ICE

NYSE Liffe has completed the clearing transition for its London-based derivatives market to ICE Clear Europe.

NYSE Liffe has completed the clearing transition for its London-based derivatives market to ICE Clear Europe.

ICE received regulatory approval for its acquisition of NYSE Liffe’s parent company, NYSE Euronext, last week, and the transition of its clearing operations to ICE Clear Europe is the first major part of the integration process for the two businesses.

The transition involved 43 member firms with 75 million contract sides being transferred. ICE Clear Europe also needed to move US$11.17 billion margin held at the clearing house on 1 July. ICE also migrated over 1,300 products in bonds, commodities, equities, index and interest rate derivatives and ten new settlement currencies for ICE Clear Europe.

The ICE energy and NYSE Liffe future and options guaranty fund is set at US$1.2 billion from 1 July.

ICE Clear Europe said it will continue to work with its customers in the coming weeks to ensure it can respond to their requirements and plans to develop new cleared products and capital efficiencies in the near future.

Following the transition, ICE Clear Europe has 80 members and provides clearing for energy, emissions, agriculture, credit, interest rate, fixed income and equity derivatives. It is on course to be compliant with the European market infrastructure regulation in the second half of this year.

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