Shearman clears up with top role on first UK clearing house initiative for 100 years
Shearman & Sterling has landed a major role advising on the first new derivatives clearing house to be approved in the UK for more than 100 years. The London arm of the New York leader has been advising US exchange operator IntercontinentalExchange (ICE) on the creation of ICE Clear Europe - which was approved by the UK Financial Services Authority (FSA) last week (13 May).
May 21, 2008 at 10:36 PM
2 minute read
Shearman & Sterling has landed a major role advising on the first new derivatives clearing house to be approved in the UK for more than 100 years.
The London arm of the New York leader has been advising US exchange operator IntercontinentalExchange (ICE) on the creation of ICE Clear Europe – which was approved by the UK Financial Services Authority (FSA) last week (13 May).
The deal saw the European head of the firm's financial institutions advisory group, Barney Reynolds, leading the team, alongside competition partner Matthew Readings.
Shearman has been working with ICE on the project for around two years, with the new clearing house expected to launch in July 2008.
The deal opens the UK clearing market to competition as ICE Clear will take over from LCH.Clearnet to provide clearing for transactions executed on ICE Futures Europe (previously known as the International Petroleum Exchange) and ICE over-the-counter markets.
It will mark the first time that a UK futures exchange will be able to own its own clearing house and could pave the way for the LSE to drop LCH and develop its own in-house system.
Reynolds told Legal Week: "This is the first derivatives clearing house approved in London since 1880. It is a landmark for the City. We are delighted to be involved in such an innovative scheme."
FSA approval followed previous submissions to and approvals from HM Treasury and the Office of Fair Trading.
Paul Swann, president and chief operating officer of ICE Clear Europe, said: "Shearman & Sterling has played an integral role in the establishment of ICE Clear Europe. Their expertise and counsel have proved invaluable to ICE."
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