Bank of England Authorizes ICE Clear Europe as Central Counterparty

Tuesday, 20/09/2016 | 07:33 GMT by Jeff Patterson
  • ICE Clear Europe has garnered approval from the Bank of England as a CCP in accordance with the EMIR regulatory framework.
Bank of England Authorizes ICE Clear Europe as Central Counterparty
Bloomberg

Intercontinental Exchange (ICE), an operator of global exchanges and clearing houses, providing a composite of data and listings services, has had its ICE Clear Europe subsidiary authorized by the Bank of England (BoE) as a central counterparty (CCP), in accordance with the European Market Infrastructure Regulation (EMIR).

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ICE Clear Europe is a Clearing House , dealing with interest rates, equity indexes, agricultural and energy derivatives, as well as European credit default swaps (CDS). The approval by the BoE into the EMIR regime follows on the heels of the group’s bid to satisfy a number of governance, operations, Risk Management , treasury and banking infrastructure requisites.

Marquee Approval

Approved in 2012, EMIR helps oversee the facilitation and proper reporting of all over-the-counter (OTC) derivatives in the market. EMIR regulation also requires standard derivative contracts to be cleared through Central Counterparties (CCPs) as well as margins for uncleared trades and establishes stringent organizational, business conduct and prudential requirements for these CCPs.

According to Paul Swann, President and Managing Director, ICE Clear Europe, in a recent statement on the approval: "ICE Clear Europe is delighted that our clearing operations have been authorized by the Bank of England in line with the requirements of EMIR and we will continue to work closely with our clearing members and their customers as the European clearing mandates come into force over the coming months.”

Intercontinental Exchange (ICE), an operator of global exchanges and clearing houses, providing a composite of data and listings services, has had its ICE Clear Europe subsidiary authorized by the Bank of England (BoE) as a central counterparty (CCP), in accordance with the European Market Infrastructure Regulation (EMIR).

Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!

ICE Clear Europe is a Clearing House , dealing with interest rates, equity indexes, agricultural and energy derivatives, as well as European credit default swaps (CDS). The approval by the BoE into the EMIR regime follows on the heels of the group’s bid to satisfy a number of governance, operations, Risk Management , treasury and banking infrastructure requisites.

Marquee Approval

Approved in 2012, EMIR helps oversee the facilitation and proper reporting of all over-the-counter (OTC) derivatives in the market. EMIR regulation also requires standard derivative contracts to be cleared through Central Counterparties (CCPs) as well as margins for uncleared trades and establishes stringent organizational, business conduct and prudential requirements for these CCPs.

According to Paul Swann, President and Managing Director, ICE Clear Europe, in a recent statement on the approval: "ICE Clear Europe is delighted that our clearing operations have been authorized by the Bank of England in line with the requirements of EMIR and we will continue to work closely with our clearing members and their customers as the European clearing mandates come into force over the coming months.”

About the Author: Jeff Patterson
Jeff Patterson
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About the Author: Jeff Patterson
Head of Commercial Content
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