International operator of exchanges and clearing houses Intercontinental Exchange Inc (NYSE:ICE) announced today that ICE Clear Canada has secured recognition as a third-country central counterparty (CCP) under the European Market Infrastructure Regulation (EMIR).
ICE Clear Canada, which is regulated by the Manitoba Securities Commissions under the provisions of the Commodity Futures Act, has been added to European Securities and Markets Authority (ESMA) list of recognized third-country CCPs under EMIR. This follows the European Commission’s assessment of Canada as an equivalent third country regime.
Brad Vannan, ICE Futures Canada and ICE Clear Canada President and COO, says,
“With a significant amount of business on our Canadian markets originating in Europe, we’re pleased to receive EMIR recognition by the European Securities and Markets Authority (ESMA), allowing ICE Clear Canada to provide clearing services to European firms. This provides an additional assurance to our European customers and enhances their confidence in our Canadian agricultural market, which includes our global benchmark canola contract.”
In October last year, ICE Clear Singapore received recognition as a third-country CCP in accordance with EMIR.
The announcement from ICE on the EMIR recognition of ICE Clear Canada can be viewed by clicking here.