Intercontinental Exchange (ICE) has been recognised as a third-country central counterparty in accordance with European Market Infrastructure Regulation (EMIR), which means that in the event of a no-deal Brexit, ICE Clear Europe can continue to service all its clearing members and customers, including those based in the EU.
In the absence of a withdrawal agreement being entered into between the UK and the EU, 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 will apply from March 30, 2019.
Finbarr Hutcheson, president of ICE Clear Europe, says: “We thank the European Commission, Bank of England, and European Securities and Markets Authority (ESMA) for its work securing this recognition and, in doing so, removing any uncertainty around the ability of EU-based market participants to access ICE Clear Europe.”
