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A-Team Insight Blogs

ICE to Acquire Clearing Corporation, Strengthens OTC Derivatives Coverage

Following the announcement earlier in the month that IntercontinentalExchange (ICE) would be partnering with the Clearing Corporation (TCC) for its venture into credit derivatives clearing, the exchange operator has announced its intention to acquire the firm. ICE chairman and CEO Jeffrey Sprecher explains that the acquisition is part of ICE’s commitment to developing a market structure in the OTC market.

At the start of October, ICE stated that it would be partnering with TCC, Markit Group and RiskMetrics Group to launch a joint venture in the credit default swap (CDS) clearing space. However, the exchange operator has now decided to purchase the firm, which was established by a consortium of banks and brokers.

Sprecher explains: “We have made a commitment to developing a market structure that reduces risk and increases transparency and capital efficiency in these important global markets, first through our acquisition of Creditex, and now through our planned acquisition of the Clearing Corporation.”

Thus far, both the ICE and TCC boards have approved the memorandums of understanding for the deal, which are now subject to regulatory approval.

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