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FSA/OFT Recognise ICE Clear

ICE Clear Europe Ltd (ICE Clear) has been successful in its application to the Financial Services Authority (FSA) to become a Recognised Clearing House for the purposes of the Financial Services and Markets Act 2000 (FSMA). Under the FSMA the OFT is required to report to the FSA, the Competition Commission and the Treasury on whether one or more regulatory provisions of the clearing house would have a significantly adverse effect on competition.

A team from CRA led by Kyla Malcolm and Geoff Edwards assisted ICE Clear with economic arguments in the context of the OFT's investigation, which centred on the competitive effects of replacing the London Clearing House (LCH) with ICE Clear as the clearing house for the ICE Futures Exchange. On 13 May 2008 the OFT reported that it had concluded that recognition of ICE Clear would not lead to a significantly adverse effect on competition and that a further investigation by the Competition Commission was not required.

See OFT Press Release

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