IntercontinentalExchange (NYSE: ICE) announced it has completed the trading and clearing transition for the ICE Endex futures markets to the ICE trading platform and ICE’s European clearing house, ICE Clear Europe.
As of Monday, ICE Endex European natural gas and power futures and options contracts trade on ICE’s front end trading screen, WebICE along with ICE’s portfolio of 800 energy contracts.
For the transition, it included 123 trading firms and 15 clearing member firms with approximately 466,983 contract sides and €90 million margin being transferred to ICE Clear Europe. Guaranty fund contributions in respect of ICE Endex derivatives contracts are included in the ICE Clear Europe futures and options guaranty fund, which is currently set at U.S. $1.2 billion.
Pieter Schuurs, President, ICE Endex, said via a press release, “ICE Endex would like to thank clients and clearing members for their hard work in successfully completing this transition. With ICE Endex futures contracts migrated to ICE’s technological infrastructure, we are well positioned to serve market participants with best-in-class trading and clearing solutions.”
Open interest for ICE Endex TTF natural gas futures and ICE Futures Europe TTF natural gas futures was combined following the migration to ICE Clear Europe, creating a greater liquidity pool and the largest on-exchange TTF futures contract.
The migration of clearing for the ICE Endex futures markets is the second transition undertaken by ICE Clear Europe in 2013 and follows the migration of the NYSE Liffe’s London derivatives market in July.
ICE Clear Europe is one of the largest derivatives clearing houses globally and provides clearing services for energy, emissions, agricultural, credit, interest rates, bonds, and equity derivatives. ICE Clear Europe currently has 79 members and is on track to be compliant with the European Market Infrastructure Regulation in early 2014.