IntercontinentalExchange (NYSE: ICE) , an operator of regulated global futures exchanges and over-the- counter (OTC) markets, announced today that ICE Clear U.S.(TM) will begin clearing sugar, coffee and cocoa swap contracts on January 30, 2009.
As previously announced, the three contracts will be cleared by ICE Clear U.S. and will be cash-settled at expiration based on the settlement prices of the related traded futures contract. Qualifying swap agreements will be submitted to the Market Supervision department of ICE Futures U.S.(R), which will expedite the contracts for clearing.
The new cleared swaps are the first such contracts offered by ICE and are specifically designed to meet the needs of OTC market participants. ICE Clear U.S.'s September 2007 application to clear these swaps was approved by the Commodity Futures Trading Commission on December 12, 2008.
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