Intercontinental Exchange to Acquire Majority Stake in Holland Clearing House
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that it has agreed to make a strategic investment in the Holland Clearing House, a continental European clearing house, to support its comprehensive clearing strategy for financial products. ABN Amro Clearing will retain a minority interest in the venture.
Holland Clearing House (HCH) is a continental European derivatives clearing house based in Amsterdam and is the primary clearing house for the TOM multi-lateral trading facility. HCH is regulated and supervised in the Netherlands by the Authority Financial Markets (AFM) and the Dutch Central Bank (DNB). The amount of consideration for the investment is not material to ICE and terms were not disclosed. The transaction is subject to regulatory approval and other ordinary closing conditions and is expected to close during the fourth quarter of 2014.
Said Paul Swann , President of ICE Clear Europe: “We are pleased to work with ABN Amro Clearing Bank, as well as with TOM and HCH, to further develop our European clearing businesses.”
Said Joost Beckers , CEO of HCH: “We are excited to welcome ICE as a new shareholder, and together with ICE we will continue to service TOM and our clearing participants competitively. The support of ICE will add to HCH’s strengths, and through robust and efficient services, HCH is well positioned for growth"
ICE currently operates five clearing houses, and is developing ICE Clear Singapore for launch in the coming months. ICE operates the London-based ICE Clear Europe, with HCH representing ICE’s first continental European clearing house.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures and Liffe.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 14, 2014.
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