ATLANTA--(BUSINESS WIRE)--Intercontinental Exchange (NYSE:ICE), the leading global network of exchanges and clearing houses, today completed the transition of Liffe U.S. futures and options contracts to the ICE futures exchanges, trading platform and clearing infrastructure.
The Liffe U.S. MSCI equity index and precious metal contracts were successfully transitioned to ICE Futures U.S. and ICE Clear U.S. on June 30, 2014, where they trade and clear alongside ICE’s agricultural commodity and Russell index futures and options contracts.
The transition of Liffe U.S. MSCI equity index and precious metal contracts involved our global customer base with 500,000 contracts being transferred to ICE Clear U.S. and an additional U.S. $1.9 billion margin transferred to the clearing house for these positions on June 30, 2014.
The following Liffe U.S. interest rate futures were previously transitioned to ICE Futures Europe and ICE Clear Europe on June, 9, 2014:
- Three-Month Eurodollar Futures
- US Agency DTCC GCF Repo Index® Futures
- US Mortgage-Backed Securities DTCC GCF Repo Index® Futures
- US Treasury DTCC GCF Repo Index® Futures
The transition of Liffe’s European interest rate, agriculture and equity derivatives markets remains on track to migrate to ICE Futures Europe by the end of 2014 based on the schedule below. This will centralize ICE’s global interest rate portfolio on one exchange and clearing platform, maximizing operational and capital efficiencies for customers. Clearing for the contracts transitioned to ICE Clear Europe one year ago.
Liffe Agricultural Commodities
(Coffee, Sugar, Cocoa, Feed Wheat)
Liffe European Interest Rates
(Bonds, Sterling (including mid curves), Swapnote, Euroswiss, 1 month Eonia)
Liffe European Interest Rates
(Euribor, Euro mid-curve, 3 month Eonia)
Liffe Equity Derivatives
(Equity indices, single stock futures and options)
The ICE trading platform features state-of-the art technology and functionality, including trading applications such as the WebICE trading front end, ICE mobile, ICE Chat and WhenTech Options Analytics. The transition of Liffe contracts to the ICE platform involves further expanding the ICE trading platform to provide:
- A pro-rata, allocation based matching model, an important feature for the interest rate futures markets
- Enhanced wash trade prevention protections, including ICE’s self-trade prevention functionality
- Improved pre-trade risk management technology, interval price limit circuit breakers and sophisticated messaging policies to maintain highly efficient, orderly and reliable markets
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures and Liffe.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, New York Stock Exchange and LIFFE. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at https://www.theice.com/terms.jhtml and http://www.nyx.com/terms-use.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 14, 2014.