ICE Clearing Houses Statement on Transfer of MF Global Customer Positions

IntercontinentalExchange

, a leading operator of global regulated clearing houses provided an update on its default management activities following the default of MF Global. Since Tuesday, ICE Clear Europe has been actively transferring, upon request, individual customer accounts of MF Global Ltd. More recently, it has begun transferring client positions, upon request, of MF Global Inc. (

), MF Global Pte (Singapore), MF Global Futures HK Ltd (Hong Kong), and MF Global Ltd (Australia). The majority of positions are being successfully transferred with additional transfer requests continuing to be accepted and processed. In the U.K., the administration is operating under the newly-implemented Special Administration Regime, which came into effect in February 2011 following the Lehman bankruptcy. One of its objectives ensures timely engagement with market infrastructure, supporting the clearing house's access to customer account information of MF Global UK Ltd, which was achieved within hours. ICE Clear U.S. has actively been working with the CFTC and the SIPC Trustee appointed in the U.S. and is in the process of completing multiple bulk transfers of MF Global Inc's client positions to several clearing members. We expect this to result in most customer positions being transferred along with a majority of the margin associated with those positions.