08/052
11 June 2008
Category:
General
Attachments:
None
Summary of content:
Transition of Open Interest to ICE Clear Europe
For more information please contact:
Michael Sayers
+44 (0) 20 7265 3648
/ Transition of Open Interest to ICE Clear Europe
ICE Futures Europe’s Circular (the “Exchange”) 08/048 dated 22 May 2008 referred Members to the provisions of Rule B.3.1 requiring them to be either a clearing member of the Exchange’s designated Clearing House or be a party to a clearing agreement with a clearing member, and further confirmed that ICE Clear Europe will be the sole Clearing House of the Exchange as from a transition date scheduled to be
21 July 2008. The Circular also requested notification in writing by close of business on 30 May 2008, as mandated by Rule B.5.1, by any Member unable to, or unlikely to be able to, meet the requirements of Rule B.3.1 at or following the transition date.
The purpose of this Circular is to advise Clearing Members of the procedure that will be followed in the event that a Member has failed to apply for membership of ICE Clear Europe by submitting all duly completed and executed ICE Clear Europe documentation as advised in ICE Clear Europe’s Circular C08/006 dated 5 June 2008 by the deadline of midnight Friday 13 June.
Existing Clearing Members who have not submitted all required documentation by the 13 June 2008 deadline must submit to the Exchange in writing their schedule for either liquidating all open interest held in respect of the Exchange contracts or for transferring such open positions to a clearer who has applied to become a member of ICE Clear Europe. This schedule must be received by the Exchange by close of business on Friday 20 June 2008 and such liquidation or transfer must be effected by close of business on Friday
4 July 2008 or such later date as may be notified in writing by the Exchange.
Failure to submit a schedule may result in immediate suspension of membership and the Exchange may direct the immediate closure of open positions in accordance with the provisions of Rules A.2.1, E.2.3 and I.15. In any event, to ensure that business conducted on the Exchange is conducted in an orderly manner and so as to afford proper protection to investors any existing Exchange Clearing Member which has not applied for membership of ICE Clear Europe will have their Clearing Membership suspended from close of business on Friday
4 July 2008. In addition, if such Member has not made alternative clearing arrangements then their access to the trading platform and their trading rights may be similarly suspended.
Signed:
Patrick Davis
Company Secretary
ICE Futures Circular 06/???1