ICE Clear Europe, a wholly owned subsidiary of IntercontinentalExchange (ICE), said on Monday that it has reached consensus with LCH.Clearnet on the technical issues to facilitate the movement of all ICE Futures Europe and ICE over-the-counter trading positions from LCH to ICE Clear Europe.
ICE expects the transition of clearing to ICE Clear Europe to occur during the month of August, with a specific transition date to be finalized in the coming days following consultation with clearing members.
The company said that the existing futures and OTC clearing arrangements between ICE and LCH would remain in effect until the transaction is complete.
ICE Clear Europe said that it has received membership applications from 47 clearing firms, and member documentation to facilitate the transfer of 100% of the open positions established at ICE Futures Europe and ICE OTC from LCH to ICE Clear Europe.
Shares of ICE are currently trading at $102.80, down $3.20 or 3.02%.
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