Risk.net

ICE clearing switch delayed by Lehman default

The transfer of London-based ICE Futures Europe's clearing operations from LCH.Clearnet to ICE's wholly owned clearing house ICE Clear Europe, scheduled for September 15, was postponed due to the bankruptcy of Lehman Brothers.The technology transition had been completed, but the transfer of actual positions was postponed. "We took the decision, in consultation with the LCH.Clearnet and the (UK's) Financial Services Authority, to roll back the transfter at 6pm on the Sunday evening on the bas