ICE Clear Europe Will Be Recognized as CCP under No-Deal Brexit

Intercontinental Exchange announced that, in the event of a no-deal Brexit scenario, ICE Clear Europe has been recognized as a third-country central counterparty (CCP), in accordance with the European Market Infrastructure Regulation (EMIR). The recognition as a third-country CCP is described in Article 25 of EMIR, the Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories. In the absence of a withdrawal agreement being entered into between the UK and the EU, in accordance with Article 50(2) of the Treaty on European Union, or a decision being taken to extend the two-year period referred to in Article 50(3) of the Treaty on European Union, ICE Clear Europe’s recognition shall begin March 30, 2019. With approximately 4 million contracts cleared every day across multiple asset classes, ICE Clear Europe is one of the world’s most diverse and leading clearing houses. ICE Clear Europe provides central counterparty clearing and risk management services for interest rate, equity index, agricultural and energy derivatives, as well as European credit default swaps.