IntercontinentalExchange, the electronic energy market that is seeking to acquire the Chicago Board of Trade, said it plans to develop a European clearinghouse in London to be called ICE Clear Europe. The project is part of ICEs strategic plan to offer clearing services through wholly owned clearing businesses in the U.S. and the U.K., according to an ICE statement.
ICE already owns U.S. clearinghouse New York Clearing, which will be renamed ICE Clear US.
The clearinghouses will support ICEs futures and over-the-counter execution business. ICE expects the Financial Services Authority, the U.K. regulator, to approve ICE Clear Europe by early 2008.