Energy derivatives exchange ICE Clear Europe has further delayed the launch of its new London clearing house until September, due to technical issues associated with the transfer of traders' open interest positions from incumbent clearer LCH.Clearnet.
The delay is the second in less than a month. ICE initially intended to take on its own clearing in July, after receiving FSA approval in May, but last week announced a new date in August.
ICE says the transition will now occur over the weekend of September 13-14, 2008, and that existing futures and OTC clearing arrangements between ICE and LCH will remain unchanged until the transfer is complete.
Despite the two-month delay, ICE says it expects to be at or near the low end of its prior 2008 revenue guidance for ICE Clear Europe, which assumed £12.5 million to £15 million in clearing revenues in the second half.
ICE Clear Europe says it has received membership applications from 47 clearing firms.