ICE Completes Derivatives Transition

IntercontinentalExchange (NYSE: ICE) , has successfully transitioned its energy futures and OTC markets to ICE Clear Europe(TM). On the morning of November 3, 2008, 100 percent of open positions, or 28.5 million contract sides, were transferred from LCH.Clearnet to ICE Clear Europe. The total margin requirement now managed by ICE Clear Europe for these novated positions is approximately $16.5 billion. ICE Clear Europe launched with 44 member firms.

"We want to take the opportunity to express our gratitude to members of the clearing community who have supported our transition over the course of the past year and a half," said Paul Swann, President of ICE Clear Europe. "We will continue to work closely with market participants to expand ICE Clear Europe and to offer additional benefits to our clearing firms and customers. Our next steps will be to respond to the enormous demand for additional cleared energy contracts."

"ICE Clear Europe will allow us to introduce new cleared OTC and futures contracts in our energy markets in the coming weeks and months," added David Peniket, President and Chief Operating Officer of ICE Futures Europe. "The coordinated effort by our clearing members, customers and employees to launch the first new derivatives clearing house in the U.K. will result in more products and services for the broader trading community."

"We believe ICE's commitment to clearing is demonstrated by the collaborative nature of the development of ICE Clear Europe," said ICE Chairman and CEO Jeffrey C. Sprecher. "Integrated clearing, in particular, plays a central role in risk management and in the sound operation of global markets, especially in today's volatile environment. We will strive to bring further innovative risk management solutions to the global marketplace."

As the first new major clearing house in London in over a century, ICE Clear Europe was 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.

ICE Moving from LCH.Clearnet to ICE Clear Europe

ICE Clear Europe is to transition all of ICE Futures Europe(TM) and ICE over-the-counter (OTC) trading positions from LCH.Clearnet to ICE Clear Europe as of Monday, November 3, 2008.

The transition preparations will occur over the weekend of November 1-2. Since the earlier planned transition date of September 15, the CPS system developed for ICE Clear Europe has been used by LCH.Clearnet, representing the completion of a key phase of the technical transition. The final transition of funds and positions was delayed due to the default of a clearing member firm in September.

Since its recognition by the Financial Services Authority (FSA) on May 12, 2008, ICE Clear Europe has received membership applications from 47 clearing firms and the transfer of 100% of the open positions established at ICE Futures Europe and ICE OTC from LCH to ICE Clear Europe has been facilitated (effective at transition). Under the active oversight of the FSA, ICE Clear Europe has worked diligently with clearing members and third-party systems providers to complete the transition plan. The existing futures and OTC clearing arrangements between ICE and LCH will remain in effect until the transition is complete.

IntercontinentalExchange Postpones ICE Clear Europe

IntercontinentalExchange (NYSE:ICE) , has announced today that the launch of ICE Clear Europe has been postponed, citing the turmoil in the financial markets following the collapse of Lehman Brothers

The new launch date has not been decided but is likely to be in late September or October. The technology phase of the transition was successfully completed as planned on Saturday, September 13.

"Given the success of the implementation of the transition plan this weekend, we are confident that the transfer will proceed smoothly on a rescheduled date," said ICE President and Chief Operating Officer Chuck Vice. "This decision was made in continuous consultation with industry participants throughout the weekend, and in the interest of the broader market, in order to respond appropriately to the current dynamic environment."