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ICE Clear Europe Welcomes Call for European CDS CCP; Forming ICE Trust Europe to Clear Credit Default Swaps in Europe; To Commence Clearing in First Half of 2009

February 19, 2009

LONDON, Feb. 19 /PRNewswire-FirstCall/ — IntercontinentalExchange
(NYSE: ICE), a leading operator of regulated global futures exchanges and
over-the-counter (OTC) markets, today announced that ICE Clear Europe(TM) will
create a new service, known as ICE Trust Europe, to serve as a
European-regulated central counterparty clearing house for European credit
default swap (CDS) transactions. ICE Trust Europe will operate within the
existing ICE Clear Europe clearing house which is regulated by the U.K.
Financial Services Authority (FSA). ICE Trust Europe will have a segregated
risk pool and dedicated risk management systems for the European credit
derivatives market, including a separate guaranty fund and margin accounts. It
is anticipated that the use of ICE Trust Europe will offer efficiency and a
common market infrastructure to global CDS market participants. ICE Trust
Europe anticipates a first half 2009 launch and, subject to necessary
regulatory approvals, will leverage the clearing technology and risk
management processes currently in development. ICE Trust Europe is
establishing governing rules and operating procedures appropriate for European
CDS clearing, including membership and margining requirements.

“We will continue to work with European regulators and the CDS community
to construct central clearing and margining systems for this global and vital
marketplace,” said Paul Swann, President and COO of ICE Clear Europe. “Our aim
is to improve the soundness and transparency of the CDS markets, regardless of
physical or political borders. We will continue to leverage our domain
knowledge in both CDS and clearing as we work with regulators and industry
participants to develop a comprehensive European solution.”

About IntercontinentalExchange

IntercontinentalExchange(R) (NYSE: ICE) operates regulated global futures
exchanges and over-the-counter (OTC) markets for agricultural, energy, equity
index and currency contracts, as well as credit derivatives. ICE(R) offers
these markets to participants around the world through its technology
infrastructure and trading platform, together with clearing, market data and
risk management services. ICE Futures Europe(R) is ICE’s regulated energy
futures exchange. ICE’s regulated North American exchanges, ICE Futures U.S.
(R) and ICE Futures Canada(TM), offer markets for agricultural and financial
contracts. Creditex, a market leader in trade execution and processing for
credit derivatives, is also a wholly-owned subsidiary of ICE. A member of the
Russell 1000(R) and S&P 500 indices, ICE is headquartered in Atlanta, with
offices in New York, London, Chicago, Winnipeg, Calgary, Houston and
Singapore. www.theice.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 — Statements in this press release regarding
IntercontinentalExchange’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, 2008, as filed with the SEC on February 11, 2009.

SOURCE IntercontinentalExchange


Source: newswire



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