Intercontinental Exchange 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.
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